• ITVI.USA
    15,314.590
    184.430
    1.2%
  • OTRI.USA
    24.080
    0.010
    0%
  • OTVI.USA
    15,313.750
    188.540
    1.2%
  • TLT.USA
    2.710
    0.000
    0%
  • TSTOPVRPM.ATLPHL
    3.350
    0.280
    9.1%
  • TSTOPVRPM.CHIATL
    3.090
    0.230
    8%
  • TSTOPVRPM.DALLAX
    1.730
    0.070
    4.2%
  • TSTOPVRPM.LAXDAL
    3.100
    0.150
    5.1%
  • TSTOPVRPM.PHLCHI
    2.160
    0.120
    5.9%
  • TSTOPVRPM.LAXSEA
    3.570
    0.220
    6.6%
  • WAIT.USA
    125.000
    -2.000
    -1.6%
  • ITVI.USA
    15,314.590
    184.430
    1.2%
  • OTRI.USA
    24.080
    0.010
    0%
  • OTVI.USA
    15,313.750
    188.540
    1.2%
  • TLT.USA
    2.710
    0.000
    0%
  • TSTOPVRPM.ATLPHL
    3.350
    0.280
    9.1%
  • TSTOPVRPM.CHIATL
    3.090
    0.230
    8%
  • TSTOPVRPM.DALLAX
    1.730
    0.070
    4.2%
  • TSTOPVRPM.LAXDAL
    3.100
    0.150
    5.1%
  • TSTOPVRPM.PHLCHI
    2.160
    0.120
    5.9%
  • TSTOPVRPM.LAXSEA
    3.570
    0.220
    6.6%
  • WAIT.USA
    125.000
    -2.000
    -1.6%
EnergyFuelNewsTrucking

Weekly diesel price increase marks longest run in almost 3 years

Some market signs point to gains fizzling out for now

The weekly Department of Energy/Energy Information Administration retail diesel price rose a half-cent per gallon this week, the ninth consecutive week it has posted a gain.

The Monday price of $2.64 a gallon stands 36.8 cents more than the $2.372-per-gallon price of Nov. 2, the price before the nine-week run of increases began.

It’s the longest run of increases since a 10-week stretch in March 2018. But even during that streak, the price over those 10 weeks rose just 18 cents per gallon, starting from a base of $3.207, for a percentage gain of roughly 5.8%. This latest increase is already at 15.5% and counting. 

The benchmark DOE/EIA price rose despite signals in the market that it might have been set for a downturn. The national average wholesale diesel price found in the ULSDR.USA series in SONAR is down 3.3 cents since Christmas Day, falling to $1.598 from $1.631 during that time. The daily national average retail diesel price found in the DTS.USA SONAR series, which stood at $2.69 a gallon Monday, was down about 0.4 cts a gallon since Christmas Day.

Other market signs so far are pointing to the possibility of the run of increases coming to an end. Since Dec. 28, the first trading day after Christmas, the price of ultra low sulfur diesel on the CME commodity exchange has dipped slightly, to settle Monday at $1.462 per gallon from $1.494 on the last trading day before Christmas.

However, a key subcommittee of OPEC is meeting this week to discuss the possibility of putting more oil onto the market. The group’s meeting Monday broke up without resolution, opening up the prospect of more market uncertainty this week as that issue is worked out.

More articles by John Kingston

Why the feared IMO 2020 spillover effect on diesel markets didn’t happen

Key price spread in diesel market affirms tightening inventories

Diesel markets closing out a strong November

John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.

One Comment

  1. I guess why not?? Truckers have been living good! Guess it’s our turn to feel sum economic pain. Lotsa guys don’t remember high diesel price.

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