AAA Daily Fuel Gauge Report for Friday, 4/29/22

American Dollar to Canadian Dollar = 0.729270; American Dollar to Chinese Yuan = 0.138637; American Dollar to Euro = 1.056599; American Dollar to Japanese Yen = 0.006709; American Dollar to Mexican Peso = 0.054782.

Futures were little changed in New York after rising 0.4 percent on Wednesday. The American Petroleum Institute estimates stocks fell by 5.12 million barrels last week, a steeper drop than the 3.15 million forecast in a Bloomberg survey before Energy Information Administration data due Thursday. OPEC’s outlook for rival supply expanded once again, the group said in its monthly report, becoming the latest agency to boost its estimates for American production. Oil is extending its run after two consecutive annual gains as the Organization of Petroleum Exporting Countries and allies including Russia curb supplies. While the cuts are gradually shrinking a global surplus, OPEC said rising prices are boosting production in North America. The International Energy Agency, which releases its monthly report on Friday, may also increase its estimates for U.S. output, said Executive Director Fatih Birol. Click Read More below for additional information.

Futures in New York were little changed, putting them on course for a 2.8 percent drop in February. An industry report was said to show U.S. oil inventories rose last week, which would be the fourth expansion in five weeks if confirmed in government data. The head of OPEC plans to dine with shale producers in Houston next week at a time when America is pumping at record levels and threatening the group’s efforts to curb a global glut. U.S. crude output is forecast to rise to a record level in February, stoking fears that shale producers may derail OPEC’s strategy of reducing output to clear a global glut. The producer group’s Secretary General Mohammad Barkindo said he will meet with U.S. shale company executives for dinner on Monday in Houston, the second time he has met with some of the cartel’s top rivals.