AAA Daily Fuel Gauge Report for Friday, 7/19/24

West Texas Intermediate futures were little changed after dropping 2.1 percent to a one-week low on Monday. The Organization of Petroleum Exporting Countries pumped 32.83 million barrels a day in September, up 120,000 barrels a day from August, according to data compiled by Bloomberg. Libyan production is set to recover from a five-month low as the nation’s biggest field restarts following a brief halt. “With news of Libyan output looking to recover back to the 1 million-barrel-a-day level, oil bulls need to hold out for another bout of news on geopolitics,” said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen. Click Read More below for additional detail.

National Average Price for Regular – Current: $2.521; Month Ago: $2.456; Year Ago: $2.351. National Average Price for Diesel – Current: $2.921; Month Ago: $2.836; Year Ago: $2.532.

Futures slid as much as 1.2 percent in New York after losing 2 percent Tuesday, the first drop in seven sessions. Inventories rose by 1.78 million barrels last week, the American Petroleum Institute was said to report. A Bloomberg survey showed nationwide stockpiles fell for a fifth week. OPEC output climbed in July as Libya boosted supply, according to a Bloomberg survey of analysts, oil companies and ship-tracking data. “Prices are under pressure as the recent gains are seen as unsustainable,” said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt. “The API is contributing to the overall situation, and should the DOE data confirm the trend, it’s likely to weigh on prices,” he said, referring to the U.S. Department of Energy figures due for release on Wednesday. Click Read More below for additional details.