As 2017 was drawing to a close, diesel prices couldn’t decide what they wanted to do the day after Christmas, so six of the Energy Information Administration’s 10 reporting sectors inched up and four slid slightly.
The national on-highway diesel average went up 2 tenths of a penny to $2.903 a gallon, compared with $2.901 a gallon December 18.
The West Coast Less California region decreased the most, 1.8 cents a gallon, to $3.026, compared with $3.044 the week before, followed by the West Coast, down 1.5 cents a gallon to $3.312 from $3.327 the week prior.
New England saw the largest increase, 1.9 cents a gallon, to $2.943, followed by the Gulf Coast, up 1.1 cents a gallon to $2.708. That’s still the cheapest diesel in the U.S., according to the EIA figures.
California, where prices went down 1.3 cents a gallon, is still the place with the most expensive diesel at $3.539.
According to the EIA’s most recent short-term energy outlook today, U.S. crude and petroleum product gross exports have more than doubled over the past six years, increasing from 2.4 million barrels per day in 2010 to 5.2 million barrels a day in 2016.
U.S. crude oil exports reached 1.1 million barrels a day in February 2017, the highest monthly level on record.
Canada remains the largest destination for U.S. crude exports according to the EIA.
West Texas Intermediate crude oil prices are forecast to average $4 a barrel lower than Brent prices in 2018. After averaging $2 a barrel lower than Brent prices through the first eight months of 2017, WTI prices averaged $6 a barrel lower than Brent prices from September through November.
For NYMEX, EIA estimates that prices will be in a range of $48 a barrel to $68 a barrel for March WTI prices.
Crude oil production averaged 9.7 million barrels per day in November, up 360,000 barrels a day from October.
U.S. crude oil production for 2018 is forecast at 10.0 million barrels a day in 2018, which would be the highest annual average production.
For more details on diesel prices by region, click here.