Futures advanced 0.9 percent in New York. American crude inventories tumbled by 6.5 million barrels last week, more than double the average estimate in a Bloomberg survey. Exports surged by the most on record as domestic explorers sent cargoes to foreign shores where they fetched higher prices. “Crude inventories are just taking a nose-dive,” Matt Sallee, who helps manage $16 billion in oil-related assets at Tortoise Capital Advisors LLC, said by telephone. The price gap that’s making American oil more attractive to overseas buyers is “supporting pretty robust exports.” Yet, gasoline stockpiles rose for a sixth week and diesel supplies unexpectedly edged higher. Click Read More below for additional information.
American Dollar to Canadian Dollar = 0.743987; American Dollar to Chinese Yuan = 0.138282; American Dollar to Euro = 1.100295; American Dollar to Japanese Yen = 0.006922; American Dollar to Mexican Peso = 0.058799.
Workers have contained nearly half of the crude oil spilled near Rock River in northwest Iowa over the weekend following a freight train derailment on Friday, BNSF Railway Co said. About 100,000 gallons had been hemmed off using booms out of the estimated 230,000 gallons spilled, BNSF said in a statement on Saturday. The spill has raised concerns about drinking water downstream. The company did not respond to questions on Sunday about the progress of the cleanup. No one was hurt in the derailment, in which 32 cars came off the rails, 14 of which leaked at least some of their contents, BNSF said. Click Read More below for additional information.
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 2.4% in March after rising 0.7% in February. In March, the index equaled 118.8 (2015=100) versus 116.1 in February. “It is important to note that ATA’s for-hire tonnage data is dominated by contract freight with minimal amounts of spot market loads,” said ATA Chief Economist Bob Costello. “And clearly contract freight was solid in March, witnessing the largest sequential gain since May 2020. March was also the eighth straight month-to-month improvement, with a total increase of 7.4% over that period. “During the first quarter, the index rose 2.4% from the final quarter of 2021 and increased 2.6% from a year earlier. While there might be some recent softness in the spot market, for-hire contract freight tonnage remains solid and is only limited by lack of capacity—both drivers and equipment—at contract fleets.”