AAA Daily Fuel Gauge Report for Friday, 8/12/22

Oil in New York was unable to hold its advance above $50 a barrel last week as signs of rising global supply eroded optimism that output curbs by the Organization of Petroleum Exporting Countries and its partners are rebalancing the market. Compliance with cuts was 86 percent in July, according to a Bloomberg survey. “The market has recovered strongly from its lows on signs that the market is normalizing, but further upside at this stage seems unlikely,” said Ole Sloth Hansen, head of commodity strategy at Saxo in Copenhagen. Click Read More below for additional detail.

Futures slid 0.5 percent after advancing 1.2 percent earlier. Oil may slip below $40 unless there are sustained inventory declines and a drop in the rig count, according to Goldman Sachs. U.S. crude stockpiles probably fell by 2.85 million barrels last week, a Bloomberg survey showed before an Energy Information Administration report Wednesday. “The market is still searching for a new equilibrium, and in particular for a lower band for the oil-price range,” said Jan Edelmann, an analyst at HSH Nordbank AG in Hamburg. Investor sentiment is “close to its lows,” which may cause a “renewed downswing in prices to sub-$40.” Click Read More below for additional detail.

Heidelberger Druckmaschinen AG (Heidelberg) has now launched its new charging system for electric cars in Germany. The Heidelberg Wallbox Home Eco is the first ever product for end customers in a company history that spans almost 170 years. The system is aimed at individuals and also at businesses and local authorities that want to use the charging station to recharge the electric vehicles in their own fleets as well as those of customers and visitors. The Wallbox Home Eco has a CE-compliant design. Heidelberg developed all the power electronics itself and they are produced exclusively in Germany. Comparable solutions from Heidelberg have already proved a market success, with over 20,000 Wallboxes for the electric cars of a premium manufacturer and over 100,000 smart charging cables manufactured to customer specifications. Click Read More below for additional information.