Diesel down 3 cents, first time below $4 a gallon since Aug. 13
Oil was down 3.0 cents from a week ago, when it was $4.010.
The Trucker News Services
Trailing falling oil prices, on-highway diesel took a dip Nov. 12, with the average price reported by the U.S. Energy Information Administration at $3.980, the first time it had been below $4 a gallon since Aug. 13, when it dropped to $3.965.
Diesel was down 3.0 cents from a week ago, when it was $4.010.
Prices are from Monday but are being reported Tuesday since federal offices were closed Monday, Nov. 12 in observance of Veteran’s Day.
California prices were down 6.5 cents to $4.160, compared with what they were a week ago, $4.225 a gallon.
The Rocky Mountain reporting area was down 5.6 cents to $4.104 compared with $4.160 a week ago, while the Midwest was down 5.1 cents to $3.908 compared with the prior week’s $3.959.
For details on more reporting regions click here.
Oil dropped for a second day as the IEA cut its demand estimate and U.S. inventories were expected to reach a three-month high, Bloomberg reported.
“The fundamentals are weak and you’ll see higher inventories in the U.S.,” Michael Lynch, president of Strategic Energy and Economic Research in Winchester, Mass., told Bloomberg.
Oil prices fell 0.2 percent after the IEA lowered its forecast for the fourth quarter for a second time, citing Europe’s troubled economy and Hurricane Sandy’s disruption of fuel delivery.
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