UPS confirmed contract talks with the International Brotherhood of Teamsters have begun on new collective bargaining agreements. The current five-year contract continues through July 31, 2018. “UPS and the union have many shared objectives and our intent is to negotiate in an environment of mutual respect,” said Al Gudim, UPS Labor Relations President. “We believe all parties recognize that taking care of our customers with reliable service is the key to maintaining a company that rewards our employees and provides excellent job security. We are in a rapidly changing industry and look forward to working together with union negotiators to strongly position UPS for the future.” Click Read More below for more of the story.
American Dollar to Canadian Dollar = 0.795138; American Dollar to Chinese Yuan = 0.152528; American Dollar to Euro = 1.188831; American Dollar to Japanese Yen = 0.009116; American Dollar to Mexican Peso = 0.049665.
Crude oil prices fell even as JODI data showed that exports from Saudi Arabia – a bellwether for OPEC – fell to the lowest level in almost two years in February. While that might have been expected to boost confidence in the cartel’s production cut scheme, investors seemed more concerned with signs that growing swing supply may offset coordinated output reduction. On that front, API reported that US inventories shed 840k barrels last week, less than the 1.03 million barrel drawdown expected to be reported in official EIA data due today. Prices may continue to move downward if that outcome registers closer to API’s projection. click Read More below for more of the story
“The rise in oil prices has mainly been caused by the freezing polar vortex hitting the U.S., firing up heating demand, and spurring concern about a potential impact on oil production and trade,” said Jens Naervig Pedersen, an analyst at Danske Bank A/S in Copenhagen. Oil has risen for two years running as the Organization of Petroleum Exporting Countries and Russia led a coalition of oil producers in cutting output. Prices have also been boosted by stoppages at pipelines in the U.K. and Libya. However, they are now at levels that are expected to help U.S. shale producers ramp up drilling, unlocking more crude and undermining OPEC’s efforts. Click Read More below for additional information.