AAA Daily Fuel Gauge Report for Friday, 6/03/22

National Average Price for Regular – Current: $2.474; Month Ago: $2.548; Year Ago: $2.198. National Average Price for Diesel – Current: $2.840; Month Ago: $2.802; Year Ago: $2.426.

Futures were 0.4 percent lower in New York after falling 4.2 percent the previous three sessions. U.S. production had its biggest weekly gain since the end of June, climbing to the highest level since July 2015, according to Energy Information Administration data Wednesday. The increase offset the price impact of an 8.95-million-barrel decline in crude stockpiles, the biggest drop since September. U.S. crude output rose by 79,000 barrels a day last week to 9.5 million a day, the EIA reported. Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, expanded a second week to 57 million barrels. Gasoline inventories climbed by 22,000 barrels to 231 million. Click Read More below for additional detail.

Oil prices steadied on Wednesday after Venezuela raised the prospect of a halt to some crude exports, easing worries about oversupply after reports that the U.S. government had asked Saudi Arabia and some other producers to increase output. Falling Venezuelan oil output helped push crude benchmark Brent LCOc1 to more than $80 a barrel last month, but prices have eased since then on talk of higher supply by other members of the Organization of the Petroleum Exporting Countries. Click Read More below for additional information.