AAA Daily Fuel Gauge Report for Friday, 3/29/24

American Dollar to Canadian Dollar = 0.786108; American Dollar to Chinese Yuan = 0.150031; American Dollar to Euro = 1.176514; American Dollar to Japanese Yen = 0.009167; American Dollar to Mexican Peso = 0.055611.

Futures in New York rose 2.9 percent on Wednesday. An Energy Information Administration report showed shrinking American petroleum surpluses and the first crude withdrawal from the largest U.S. storage complex in six weeks. The U.S. draw-downs underlined optimism that an OPEC-led effort to curb global supplies will be reinforced later this week when the cartel and allied producers gather in Saudi Arabia. The EIA reported U.S. crude stockpiles dropped 1.07 million barrels last week, while supplies at the Cushing, Oklahoma, pipeline hub dropped by 1.12 million. Gasoline supplies fell 2.97 million barrels and distillate stocks slid 3.11 million barrels to the lowest level since November. Click Read More below for additional information.

Futures dropped as much as 1.2 percent in London, extending Monday’s decline. Uncertainty over the outcome of Thursday’s meeting is creating the risk of a slide in prices, which have gained on assumptions that the curbs will be prolonged for nine months, according to Goldman Sachs Group Inc. OPEC backs such an extension but is still waiting for commitments from Russia, according to people familiar with the matter. Crude surged earlier this month on signs the Organization of Petroleum Exporting Countries and its partners will prolong cuts aimed at shrinking a global glut. Prices, time spreads and hedge-fund positioning all reflect a high probability the group will follow a Saudi proposal to extend the pact to the end of 2018, Goldman said. Yet Saudi Energy Minister Khalid Al-Falih said Tuesday that it’s too early to talk about the duration. Click Read More below for additional information.