The national on-highway diesel price average eked up 2 tenths of a penny Monday to $2.579 compared with $2.577 last week, but it was a mixed bag as to which one of the Energy Information Administration’s 10 reporting regions went up in price and which went down.
Five areas (East Coast, New England, Lower Atlantic, Gulf Coast and California) went down, although most only slightly, and four reporting regions (Central Atlantic, Midwest, Rocky Mountain and West Coast Less California), went up slightly. The West Coast remained right where it was last week, neither gaining nor losing ground.
New England saw the biggest change, a drop of 1.2 cents to $2.646 a gallon compared with $2.658 last week.
And although diesel prices in California went down 6 tenths of a cent, it’s still the most expensive diesel in the country at $2.956.
For more details of price by region click here.
Meanwhile, oil analysts are predicting an erosion of surplus oil reserves globally.
Oil demand is forecast to rise over the next five years, according to the International Energy Agency (IEA), and is on track to pass the 100 million barrels per day (mb/d) threshold by the end of 2019.
IEA also reported it is coming to terms with the most comprehensive output reduction agreements seen since 2008, CNBC reported. The Organization of Petroleum Exporting Countries (OPEC) had reached a landmark deal among all 14 member countries in November to curtail oil production for the first time in eight years.
However, OPEC Secretary General Mohammad Sanusi Barkindo told reporters on Sunday it was too early to tell whether production cuts would be extended beyond May, but attempted to reassure investors that for now it was "so far, so good."