U.S. diesel prices were a mixed bag Monday, with the on-highway average dropping 5 tenths of a cent to $2.539 a gallon. Five of the Energy Information Administration’s 10 reporting regions dropped slightly from last week and four went up slightly, while one stayed the same.
California saw the largest increase, comparatively, but diesel there only went up 1 cent, ringing up at $2.912 a gallon. On the flip side, truckers in the Gulf Coast region were paying the least for diesel, $2.384 a gallon, although diesel there today went up 2 tenths of a cent.
In New England, the price of diesel, at $2.626, didn’t budge from last week.
The past several weeks have seen diesel edge downward but it hasn’t been a drastic slide, just a steady one.
Since March 13, diesel prices have been pretty much inching down except for an uptick April 3.
Oil prices rose on Monday amid growing confidence that top exporters will agree to extend supply curbs this week and speculation that the cuts could be deepened further, pushing prices to their highest levels in more than a month, according to Reuters.
The Iranian Oil Minister said on Saturday that Iran sees $55 per barrel as a suitable price for crude oil. The minister added he believes that OPEC and non-OPEC producers are likely to extend output curbs to support prices, MSNBC reported.
Brent futures rose 26 cents, or 0.5 percent, to settle at $53.87 a barrel, while U.S. West Texas Intermediate crude for June rose 40 cents, or 0.8 percent, to settle at $50.73 per barrel on its last day as the front-month.
Both contracts plus WTI futures for July delivery, which will soon be the U.S. front-month, closed at their highest levels since April 18.
For details on diesel prices by region, click here.