AAA Daily Fuel Gauge Report for Friday, 6/29/18

National Average Price for Regular Unleaded Current: $3.582; Month Ago: $3.366; Year Ago: $3.528. National Average Price for Diesel Current: $4.045; Month Ago: $4.055; Year Ago: $4.211.

Saudi Arabia has informed five Asian refiners that it will supply full contractual volumes of crude oil in July, five sources with knowledge of the matter said on Tuesday. The world's top crude exporter has also reinstated contracted volumes of Arab Heavy crude to one buyer after cutting supplies in the previous month, one of the sources said. Last month, the state oil giant maintained full contractual supplies to Asia for June supplies by replacing Arab Heavy with Arab Light. The Arab Heavy was redirected to domestic power plants to meet the increased demand for electricity for summer cooling needs. Click Read More below for additional information.

“The API numbers did surprise, and I would be even more surprised to see them being repeated,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “We have reached a price level with which even OPEC is likely to be satisfied. I’m not sure whether Russia would like to play ball for such an extended period especially into the peak demand season.” Gasoline stocks rose by 1.47 million barrels and distillates fell by 4.53 million barrels last week, the API reported Tuesday, according to a person familiar with the data. U.S. crude inventories probably rose by 3.1 million barrels, according to the Bloomberg survey before an Energy Information Administration report. Click Read More below for more of the story.