AAA Daily Fuel Gauge Report for Friday, 1/13/23

Oil has been trading in a tight range this month, with prices hovering around $60 a barrel as rising U.S. output continues to stoke fears that a shale boom will limit price increases. Still, the Organization of Petroleum Exporting Countries and allied producers are continuing production cuts in an effort to drain a global glut and help prop up prices. A robust global economy has also led banks including Goldman Sachs Group Inc. to project strong demand for oil this year. The IEA raised its estimate for global oil demand growth by 90,000 barrels a day to 1.5 million a day in 2018 as a stronger outlook for developed economies offsets weakening expectations for emerging nations. Steady growth was also reflected in the American Petroleum Institute’s latest report showing U.S. oil consumption rose to the highest in 11 years even as crude production hit a new monthly record. Click Read More below for additional information.

Futures rose 0.8 percent after advancing 0.6 percent on Monday, rebounding from a weekly loss. Crude stockpiles probably slid by 750,000 barrels last week, a Bloomberg survey showed before an Energy Information Administration report due Thursday. Oil last week fell the most since May on speculation rising global output may offset supply curbs led by members of the Organization of Petroleum Exporting Countries. The output-cuts deal is set to expire at the end of March and the group is likely to discuss an extension at its next meeting on Nov. 30. Its de facto leader, Saudi Arabia, said state oil company Saudi Aramco will ship 560,000 barrels a day less than customers are requesting in November. Saudi Aramco plans to supply 7.15 million barrels a day “despite very strong demand” that exceeds 7.7 million barrels a day, the Saudi Energy Ministry said in a statement. Click Read More below for more of the story.

First Quarter 2018 Highlights: - Strong top and bottom line performance reflects benefits of vertical integration and continued favorable market conditions across TiO2 pigment, feedstock and co-products - Revenue of $442 million up 17 percent versus prior year - Income from operations of $14 million; adjusted EBITDA of $113 million up 79 percent versus prior year (Non-GAAP) - TiO2 income from operations of $52 million; adjusted EBITDA of $138 million up 62 percent versus prior year (Non-GAAP) - TiO2 adjusted EBITDA margin of 31 percent; free cash flow of $52 million. Click Read More below for additional information.