The national on-highway diesel average sagged down 2.1 cents a gallon Monday, ringing up at $2.544 compared with $2.565 last week.
The Gulf Coast sector of the Energy Information Administration’s (EIA) 10 reporting regions saw diesel slide the most, down 2.8 cents a gallon to $2.382 compared with $2.410 the week prior, followed by the California and the Rocky Mountain regions, which each slid 2.5 cents. Of all the reporting regions, California is still selling diesel nearest the $3 a gallon mark; it’s at $2.902 there now, down from $2.927 a week ago, while truckers in the Rocky Mountain sector were paying $2.626 a gallon Monday afternoon compared with $2.651 on May 8.
Diesel has been on a mostly downward slide since the end of April, but if a “spike” in oil prices Monday grabs hold and sticks around, diesel could ease up as well.
CNBC reported that West Texas Intermediate futures spiked 2.11 percent to settle at $48.85 a barrel Monday, with analyst Joe Sowin saying that the “rubber band” had been below $55 a barrel too long and finally snapped back.
Some analysts expect oil trade to ramp up to the $50 to $70-a-barrel range as increased demand is met by supply from U.S. share oil producers.
To see diesel by EIA reporting region, click here.