AAA Daily Fuel Gauge Report for Friday, 4/12/24

Oil prices were set on Friday to post their first weekly decline in three weeks following a sell-off in global stock markets after news of planned U.S. tariffs on steel and aluminium raised fears of a trade war. U.S. crude is on track for a 4.5 percent drop this week, its first weekly decline in three, having given up much of the gains in recent weeks when sentiment was boosted by a fall in inventories at the Cushing delivery point for WTI. Click Read More below for additional information.

While U.S. crude inventories dropped to the lowest since October, gasoline stockpiles last week expanded for the first time since early June, indicating that consumption boosted by the summer driving season may be waning. OPEC’s rate of compliance with production cuts slipped last month to 75 percent, the lowest since the accord started in January, the IEA said. OPEC reported Thursday its output is increasing on more supplies from Libya, which is exempt from the deal. “Concerns about the persisting supply glut resurfaced after petro-nations reported growing oil output,” said Norbert Ruecker, head of commodities research at Julius Baer Group Ltd. in Zurich. “We maintain a neutral view and see oil prices trading sideways as growing shale output and stagnant western-world oil demand undermine the Middle East’s supply deal.” Click Read More below for more of the story.

UPS is doubling down on its customer-first strategy by expanding its end-to-end portfolio with two ground shipping options for residential and commercial shippers: UPS Ground Saver® and UPS® Ground with Freight Pricing. In today’s dynamic market, global logistics continues to evolve, and UPS is moving forward to deliver for customers of all needs and sizes. "UPS is on a mission to transform our customer experience by offering an end-to-end portfolio which provides delivery, returns and pickup services seven-days-a-week," said UPS Chief Commercial and Strategy Officer Matt Guffey. "Ground Saver and Ground with Freight Pricing represent the first of many product enhancements UPS will roll out in 2025."