Tuesday, February 20, 2018

On-highway diesel inches up a penny to $2.491 but could drop again if oil sinks


Monday, July 17, 2017
by DOROTHY COX/The Trucker Staff

Diesel went up the most in the Midwest, by 1.7 cents a gallon to $2.438 from $2.421 the week ended July 10. (The Trucker: DOROTHY COX)
Diesel went up the most in the Midwest, by 1.7 cents a gallon to $2.438 from $2.421 the week ended July 10. (The Trucker: DOROTHY COX)

National on-highway diesel prices went up a penny today to $2.491 but could go down next week if crude continues to fall.

Benchmark U.S. crude lost 33 cents to $46.21 per barrel in New York, The Associated Press reported today while Brent crude, used to price international oils, fell 23 cents to $48.68 a barrel in London.

The Energy Information Administration or EIA reported today that seven of its 10 reporting regions saw diesel go up, one stay the same, and two slide down.

Despite predictions earlier this year that efforts by the Organization of the Oil Producing Countries (OPEC) to curb production would send prices up, that didn’t happen, at least for a while. Recently, however, oil prices had inched back up, and diesel with them.

Oil prices slipped some today after rising around 5 percent last week, as investors waited to see if OPEC’s recent efforts to siphon off the global oil glut will be as effective as hoped, Reuters reported.

Diesel prices stayed the same in EIA’s West Coast reporting area and the two regions that slid a little were New England, where prices inched down 5 tenths of a penny to $2.573 from $2.578 the week prior, and surprisingly, California. Historically California diesel prices go up but today they went down 2 tenths of a penny to $2.865 compared with $2.867 last week.

Diesel went up the most in the Midwest, by 1.7 cents a gallon to $2.438 from $2.421 the week ended July 10.

To see prices for all EIA reporting sectors, click here.

 

 

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