Benchmark diesel price hits all-time record; market signaling it isn’t done
The benchmark DOE/EIA retail diesel price is at its all-time high after an almost 35-cent increase in the number since last week.
Fuel prices and developments affect the entire supply chain, and can place a lot of pressure on carriers. Check back here for news and information related to fuel prices and the gas sector, plus insights and analysis on trends and issues impacting the industry.
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The benchmark DOE/EIA retail diesel price is at its all-time high after an almost 35-cent increase in the number since last week.
Craig Fuller explains the impact of higher diesel prices on the U.S. economy and consumers.
The trucking industry is looking to pull young people into the industry through a new group. FreightWaves talks to the organization’s president.
Diesel has been climbing at a rate far greater than that of gasoline or crude, and a well-known economist offers reasons why that is likely to continue.
Diesel futures on the CME commodity exchange soared Monday even as crude prices fell, suggesting that the market is headed into a significant squeeze.
Freight brokers, just like the truck drivers they serve, are in hot demand. A recruiter in the business discusses why. Also: diesel breaks another record.
Join FreightWaves for the Net-Zero Carbon Summit on April 22.
Plug Power entered an agreement to provide Walmart lift trucks with up to 20 tons of green hydrogen per day.
The retail diesel benchmark price published by the Department of Energy rose less than 3 cents a gallon even as futures prices tacked on more than 60 cents a gallon over the past four trading days.
The acquisition market for truck freight brokerages is hot these days. A banker involved in such deals joins host John Kingston on the podcast. Also: why the diesel market is helping to drive oil prices higher.
Rising costs prompt Amazon to impose its first-ever fuel and inflation surcharge on sellers.
Diesel futures prices soared as a weekly report of the Energy Information Administration showed tight inventories for both diesel and jet fuel, but also signs of softening diesel demand.
During FreightWaves’ Enterprise Fleet Summit, experts discussed how fleets can adapt to rapidly changing fuel prices.
The diesel market is softening under a potential decline in Chinese demand and signs of Russian oil getting into the market.
Fuel supplier Pilot Company raised $1 million for Save the Children’s efforts in Ukraine through round-up donations at travel centers and restaurants.
UPS’ surcharges close in on rival FedEx’s levies.
How did truck drivers do in 2021? Their tax returns tell the story. And how jet fuel is impacting the price of diesel.
The partnership marks a “pivotal step” toward making green e-methanol more accessible and commercially viable for the maritime industry.
FreightWaves Founder and CEO Craig Fuller analyzes the current costs of trucking.
The jet fuel market is at record-breaking levels, and that can have a spillover impact on diesel prices.
Bob Bortner of IMI dives into the most effective fuel-saving strategies when combating exorbitant fuel prices.
The big drop in futures prices shows that the demand side of the equation still matters.
Also on the podcast: diesel is kicking crude’s butt.
The lag in retail prices led to the biggest drop in the DOE number in seven years, but the futures price is surging.
“With every SAF deal, we are increasingly aware of the huge task that lies ahead in utilizing more sustainable solutions to help our customers,” said John Pearson, CEO of DHL Express.
As fuel prices rise, the ability of last-mile delivery firms to either absorb those costs or pass them along to customers could be key to their survival.
Host John Kingston also discusses why retail diesel prices haven’t plummeted with the fall in futures prices.
Spreads between retail and wholesale prices have been at a record low and a record high in just one week.
Estimates are for increases in supply of several hundred percent, raising the question of whether there are enough raw materials to reach those renewable diesel goals.
New one-week lag time, down from two weeks, matches FedEx’s surcharge sequence.
The benchmark price moved up even as commodity diesel prices are headed sharply lower.
From a lack of labor to concerns over long-term value, there are hurdles to the U.S. industry ramping up output.
The six companies plan to produce at least 730,000 metric tons of green methanol by the end of 2025.
A Kansas truck stop less than 2 years old already is recognized as one of the best in the country.
Spiking fuel levies are expected to put more pressure on shippers to either eat higher costs or pass them on to end customers.
The energy secretary aims her comments at investors, saying they need to support more output.
“The solution to the nation’s port congestion problem is right here in this room,” CEO Eric Green said during his State of the Port address.
The cost curve is pointing downward in the production of green hydrogen, according to the head of a company that builds fuel cells.
Amos Hochstein is a longtime oil expert within the State Department.
At CERAWeek, CEO Ryan Lance says energy security hasn’t been managed well, and the economy is dealing with the fallout from that.
FreightWaves Founder and CEO Craig Fuller writes about the impact of the Russia-Ukraine conflict on the U.S. freight system
Heavy industry and transportation are cited by one speaker as the best route to provide momentum for hydrogen adoption.
The commodity price of diesel went on a wild ride, up by a huge amount late Sunday before falling back.
The cost of the fuel consumed by the world’s commercial ships has skyrocketed — and it’s still rising.
A major U.S. retailer publishes its numbers, and on average they’re up more than 35 cents in two days.
Brian Thompson shares how SMC3 gets employees ready to take on the market.
ULSD rises slightly, semiconductor shortage could get worse and more 3PLs suspend shipments to and from Russia.
Carriers must pay fuel taxes to states they travel through, but the process can be complicated and time-consuming due to the various jurisdictions. Even a simple filing mistake can trigger an IFTA audit and bring unwanted scrutiny upon the carrier.
A FreightWaves roundup of oil markets and other supply chain news related to the Russian invasion of Ukraine.
It’s a race: Will rates and surcharges keep up with rapidly rising price of diesel?
The benchmark diesel price is at its highest level in almost nine years to the day.
FreightWaves is covering the logistics-related fallout from Russia’s invasion of Ukraine from the air to the ground to the sea.
With fuel levies generously padding the carriers’ top lines, shippers shouldn’t expect relief anytime soon.
There’s a lot of bad information out there about the state of the oil market.
There are no reports of petroleum export disruptions out of Russian ports.
The seven-week run of increases has taken the benchmark up more than 44 cents.
“Partnering with Bunker Holding will accelerate the marine industry adoption of biodiesel to achieve aggressive carbon reduction goals,” said Bob Kenyon, senior vice president of sales and marketing at REG.
WoodMac’s Shattuck: The U.S. oil and gas industry is embracing a low-carbon future and looking for a way to get to net zero.
Also on the podcast: The torrid pace of diesel consumption.
Green ammonia production emits no carbon dioxide, but it has major safety, cost and scaling hurdles to overcome.
Analysts are arguing whether the price boost coming out of the Ukraine-Russia tensions are the main driver in the market
Engine manufacturer Cummins eyes pledge to lower CO2 emissions by reworking its engine families to run on natural gas, hydrogen or diesel.
Also on the podcast: the global slowdown in oil refining.
“Across the board, our businesses showed momentum and ended the year on a strong note,” said Charles Freund, CFO at Fleetcor.
“This deal is a great opportunity to accelerate our joint sustainability efforts. SAF has a lot of potential to reduce CO2 emissions,” said Adriaan den Heijer, executive vice president at AFKLM Cargo and managing director at Martinair.
This may not matter, but on an inflation-adjusted basis, the current price is still well below the “highest price since” of May 2014.
The cost of ship fuel looks like it’s about to topple records set in 2012 and 2008.
AskWaves dives into the potential benefits and drawbacks of using blue hydrogen on the path to green hydrogen.
Also on the podcast: Some numbers that point to why the diesel market is climbing.
Diesel is rising faster than the price of crude.
The complex nature of markets is evidenced by the fact that the price of natural gas and hydrogen is having an impact on diesel supplies.
The infrastructure, cost and emissions benefits of renewable natural gas make it a promising alternative fuel to decarbonize trucking, experts said.
Host John Kingston also looks at renewable diesel, which might not be as plentiful as envisioned.
There may be more to come: The key commodity benchmark for diesel is at levels not seen since 2014.
Also covered on the podcast is the spillover from the natural gas price surge.
The gain is 4.4 cents a gallon, while the price on the key commodity exchange is even higher.
Host John Kingston dives into the surging price of oil and diesel.
Consumers of diesel saw their prices rise by about 17% in 2021.
OPEC sees a first-quarter supply/demand surplus that is now likely to be smaller than earlier forecast.
Fuel levies hit two weeks before other surcharges and eight days after 2022 rate increases.
Also on the podcast: What’s holding back US investment in more oil drilling?
Even as retail prices drift lower, commodity diesel prices have posted two days of sharp declines.
Renewable diesel continues to grow in popularity due to its emission-reduction potential and health benefits for workers and surrounding communities.
Also on the podcast: The incredible shrinking US refining sector.
“Demand for RNG will continue its rapid growth trajectory. We are in the early days of seeing corporate goals to reduce carbon turned into actual actions,” Greg Roche, vice president of sustainability at Clean Energy, told FreightWaves.
Commodity markets have calmed down for now at least, and retail is catching up to earlier declines in the wholesale market.
Also on the podcast: The market for diesel exhaust fluid.
Suppliers of the vital product report tight supplies but so far appear to have been able to meet their required deliveries.
CNGmotive’s solution for fueling locomotives provides potential to decarbonize rail using renewable natural gas.
Diesel prices on the key commodity exchange were sharply higher Monday.
Also on the podcast: OPEC+ surprises with more oil in January.
While times of uncertainty like these can be troubling, what goes up must come down – or at least level off. The price of diesel fuel is projected to lower to a national average of $3.09 in middle and latter parts of the coming year, offering a sigh of relief for trucking.
Markets will likely need time to settle before the retail markets capture much of the recent decline in commodity diesel prices.
The decline is far from the largest percentage-wise, but raises the question of what will be the retail reaction.
Also on the podcast: What the release of oil from the Strategic Petroleum Reserve means.
Several forecasts that look into 2022’s supply-and-demand balance see a market more favorable to oil consumers than that of 2021.
Price of low-sulfur fuel is rising faster than high-sulfur fuel. Ships with scrubbers stand to gain.
Also on the podcast: Is the tide turning in oil markets?
The nation’s key railroad lobbying group did not like the original House infrastructure bill but has praise for the final product.
Retail prices are rising even as commodity prices have turned downward.