AAA Daily Fuel Gauge Report for Friday, 9/11/20

National Average Price for Regular Unleaded Current: $3.026; Month Ago: $3.084; Year Ago: $3.121. National Average Price for Diesel Current: $3.506; Month Ago: $3.554; Year Ago: $4.079.

Futures in New York added as much as 1.6 percent after rising 1.3 percent Monday. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, said Energy and Industry Minister Khalid Al-Falih. In the U.S., Halliburton Co. and Anadarko Petroleum Corp. signaled that the investment in shale fields may finally be succumbing to the oil price slump. “Yesterday’s Saudi decision to cut exports still lingers in the market,” said Bjarne Schieldrop, chief analyst for commodities at SEB Markets. The headlines that the U.S. shale oil boom is easing are also driving futures higher, he said. Click Read More below for more of the story.

The U.S. Energy Information Administration reported Wednesday that crude supplies declined by 9.9 million barrels for the week ended June 22—the largest weekly decline so far this year. Analysts surveyed by S&P Global Platts had forecast a fall of 2.3 million barrels, while the American Petroleum Institute on Tuesday reported a drop of 9.2 million barrels. “Record crude exports and record refinery runs have combined to yield the biggest draw to crude stocks so far this year,” said Matt Smith, director of commodity research at ClipperData. “Even crude production holding at a record level has been unable to offset strong domestic and international demand.” The EIA pegged last week’s total domestic crude output at 10.9 million barrels a day, unchanged from the previous week. Click Read More below for additional information.