AAA Daily Fuel Gauge Report for Friday, 08/04/17

Ahead of next week's OPEC meeting in Vienna, strategists are closely watching swings in crude oil prices, which are faltering after weeks of gains. Despite political tensions involving oil superpower Saudi Arabia and OPEC's promises to cut production, crudeprices could come down by year-end, one strategist says. Here's why. • "Tensions in Saudi Arabia are still flaring following the actions by Crown Prince Mohammed bin Salman," Chantico Global CEO Gina Sanchez said Monday on CNBC's "Trading Nation," referring to a vast political shakeup in the kingdom earlier this month that initially boosted oil prices. • It is unlikely, however, that this will be an "actual geopolitical event," Sanchez said, and oil prices should continue settling. Click Read More below for additional information.

Flint Group announced today the acquisition of Eston Chimica SRL located in Padova, Italy. This acquisition follows Flint Group’s strategy to grow not only organically, but also through tactical acquisition. Eston Chimica manufactures and sells water-based inks for flexo and gravure applications to printers predominantly located in Italy and Southern Europe. The company supports key Paper & Board applications, such as corrugated, shopping bags, paper bags, and various other water-based print jobs. Eston Chimica is located in northern Italy, near Venice, and employs 32 people. Kim Melander, Vice President & General Manager EMEA and Global Strategy, Paper & Board, says, "Flint Group is very happy to join together with Eston Chimica. We have found the ‘right’ partner; a company who, with the dedicated support of its employees, has been very successful in recent years outgrowing the market as compared to other suppliers.” Click Read More below for additional information.

Oil prices fell on Friday after a consultancy report forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the market will stay awash with crude. Petro-Logistics, which tracks OPEC supply forecasts, said OPEC crude production would rise by 145,000 barrels per day (bpd) this month, taking the group's combined output above 33 million bpd. Higher supply from Saudi Arabia, the United Arab Emirates (UAE) and Nigeria would drive this month's gains, it said.