Diesel and oil prices are often said to be “volatile,” and while diesel prices were going up and oil was going down last week, this week diesel has bounced up ever so slightly — one and one tenth of a cent — to $2.787 compared with $2.776 the week of October 9.
Only two of the Energy Information Administration’s 10 reporting districts showed diesel still declining in price, New England, where it went down 4 tenths of a cent to $2.747 from $2.751 the week before, and California, where the price dropped 7 tenths of a penny to $3.159 from $3.166 and still the highest diesel in the nation.
U.S. stocks finished slightly higher Monday, extending a record-setting run for the stock market into a sixth straight week. Energy companies also rose along with crude oil prices, The Associated Press reported.
Oil prices rose amid rising tensions in the Middle East as Iraqi federal forces moved into the disputed city of Kirkuk and seized oil fields, prompting a withdrawal by Kurdish forces. Benchmark U.S. crude oil picked up 42 cents, or 0.8 percent, to $51.87 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, climbed 65 cents, or 1.1 percent, to $57.82 a barrel in London.
That could all change by the end of the week, and diesel may go back down by next week, staying true to its volatility.
For diesel prices by EIA region, click here.