LITTLE ROCK, Ark. — Average U.S. diesel fuel prices are continuing their downward trend.
According to the Nov. 6 report from the Energy Information Administration (EIA), the average price is $4.366. That’s down from $4.454 on Oct. 30 and $4.545 on Oct. 23.
Average prices were down in all regions of the U.S., with the lowest prices along the Gulf Coast at $4.032 per gallon and the highest in California at $5.816 per gallon.
The average price in New England is $4.523, while in the Midwest, it sits at $4.335, according to the EIA.
Company statements and oil analysts say that oil refiners are pulling back from their summer run rates as weaker fuel margins and plant overhauls cool operating goals.
“Refinery executives are aiming for low-90s utilization rates this quarter after running in the mid- to upper 90% range most of the year,” according to Reuters. “A pullback for seasonal maintenance and a greater shift to producing distillates have reduced production, according to company executives, analysts and U.S. government data.”
“Guidance has been generally within our expectations of seasonally softer levels due to the pullback in gasoline demand,” Matthew Blair, head of refiners, chemicals and renewable fuels research at investment firm Tudor, Pickering, Holt and Co. told Reuters.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
