AAA Daily Fuel Gauge Report for Friday, 10/4/24

NATIONAL AVERAGE PRICE PER GALLONCurrentMonth AgoYear AgoRegular Unleaded$3.13$3.14$3.45Diesel$3.51$3.51$3.79

“There’s been some constructive developments coming out of OPEC,” Tamar Essner, an energy analyst at Nasdaq Inc. in New York, said by telephone. “The data out of OPEC has been bearish.” Oil has rebounded on growing signs that the market is coming back into balance, with futures climbing above the 200-day moving average last week for the first time since May. Members of the Organization of Petroleum Exporting Countries such as Saudi Arabia and Kuwait promised to reduce crude exports. U.S. crude stockpiles have been on a steady decline and are estimated to have dropped further last week. Click Read More below for more of the story.

Futures are up more than 11 percent in 2017, having entered a bull market in September. The year’s gains were driven by output cuts by the Organization of Petroleum Exporting Countries and Russia, along with geopolitical tensions in the Middle East and pipeline disruptions from the North Sea to Canada and Libya. In 2018, investors will watch whether the price recovery triggers a new flood of U.S. output. “The current highs are unsustainable in the short-to-medium term, with prices likely to head back below $60 once we get past January, but for now the season of goodwill appears to be in full swing,” said analysts led by Michael dei-Michei at consultants JBC Energy GmbH in Vienna. Click Read More below for additional information.