Wednesday, January 17, 2018

Diesel takes 2.2-cent tumble from last week; selling at $2.421 a gallon


Monday, November 21, 2016
by The Trucker News Services

All 10 of the Energy Information Administration’s reporting sectors took a price plunge, from 8 tenths of a penny in the Lower Atlantic region, where diesel is now $2.355 a gallon, to 3.3 cents in California, where diesel is now $2.804 a gallon. (The Trucker file photo)
All 10 of the Energy Information Administration’s reporting sectors took a price plunge, from 8 tenths of a penny in the Lower Atlantic region, where diesel is now $2.355 a gallon, to 3.3 cents in California, where diesel is now $2.804 a gallon. (The Trucker file photo)

U.S. on-highway diesel prices slipped 2.2 cents Monday to $2.421 a gallon, compared with $2.443 it was selling for last week.

All 10 of the Energy Information Administration’s reporting sectors took a price plunge, from 8 tenths of a penny in the Lower Atlantic region, where diesel is now $2.355 a gallon, to 3.3 cents in California, where diesel is now $2.804 a gallon.

The Lower Atlantic price, above, is the cheapest diesel in the nation, while California’s price is the most expensive.

Nationally, prices are 2.4 cents below what they averaged a year ago at this time.

For diesel prices by region click here.

Oil prices tumbled 3 percent on Wednesday after a record weekly build in U.S. crude inventories added to investor worries about a global supply glut, days after analysts estimated higher monthly OPEC crude output.

According to the U.S. Energy Information Administration (EIA), crude inventories rose 14.4 million barrels for the week ended Oct. 28, far more than the 1.0 million barrels analysts had expected.

That was the biggest weekly jump in U.S. crude stocks since records began in 1982, and exceeded the American Petroleum Institute's report on Tuesday of a 9.3 million-barrel build, Reuters reported.

"This is very, very, very bearish. Nothing else in the report matters," James L. Williams, energy economist at WTRG Economics in London, Arkansas, told Reuters.

U.S. West Texas Intermediate (WTI) crude CLc1 settled down by $1.33, or 2.9 percent, at $45.34 a barrel. It broke the $45 support earlier, sinking to a five-week low of $44.96.

Brent fell $1.28, or 2.7 percent, to settle at $46.86, after sliding to $46.46, its lowest since Sept. 28.

Oil markets have been volatile of late because members of the Organization of the Petroleum Exporting Countries can’t settle on a production cut the group announced on September 27 to mitigate a crude glut that forced prices down from 2014 highs above $100.

Last month, Brent hit one-year highs of $53.73 and WTI 15-month peaks of $51.93.

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