Diesel down slightly to $3.925 a gallon
Diesel prices are 4.5 cents a gallon higher than they were this time a year ago.
The Trucker News Services
On-highway diesel prices in most reporting regions are down from what they were a week ago, with the national average falling to $3.925 a gallon, nine tenths of a penny down from the $3.934 a gallon it was selling for the week prior.
Diesel prices were announced on Tuesday instead of Monday because of the Memorial Day holiday.
The West Coast and the West Coast Less California sectors were the only areas that went up in price compared to last week, the Energy Information Administration of the U.S. Department of Energy reported.
However, diesel prices are 4.5 cents a gallon higher than they were this time a year ago, with half of the EIA’s reporting regions selling diesel for more than $4 a gallon.
Crude oil futures edged lower on Tuesday as traders took profit after a long holiday weekend, with prices supported by violence in Ukraine and expectations for a draw on U.S. crude stocks at the Cushing, Oklahom, hub, Reuters reported.
The tumble pulled Brent and U.S. crude lower, with Brent settling 30 cents down at $110.02 a barrel. U.S. light crude oil settled 24 cents lower at $104.11 a barrel. U.S. gasoline fell 2.8 cents to $2.9952 a gallon.
Diesel prices are sure to follow oil prices in the downward spiral but political unrest could cut that short. Heightened geopolitical risk in Libya and Ukraine has helped Brent gain more than 6 percent since early April and U.S. crude has gained nearly 6 percent during May.
Libyan protesters blockading oil ports since last summer have caused exports to dwindle to about one-tenth of capacity. Conflict in eastern Ukraine, a main gas supply route to Europe from Russia, continued to worry investors that the violence could disrupt oil supplies as well.
U.S. commercial crude stocks were expected to have fallen further last week at the delivery point for U.S. crude futures at Cushing, analysts said, though a Reuters poll found overall crude stocks were seen as rising 700,000 barrels.
For details on regional diesel pricing click here.
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