Average price per gallon rises to $3.914 dollars
On Tuesday, December 26, marked the end of the continuous decline that the reference diesel price, used for most fuel surcharges, experienced over eight weeks. The Department of Energy and the Energy Information Administration reported a 2-cent increase per gallon in the weekly diesel price. This increase represents the first weekly rise in the national diesel average in nine weeks, raising the price per gallon to $3.914 dollars.
The rise to $3.914 dollars per gallon marked the first increase since the significant jump of 10.1 cents to $4.545 dollars per gallon on October 23. Despite the price decrease in six regions and an increase in four, this disruption ended eight consecutive weeks of nationwide decline.
On the other hand, gasoline increased in seven out of 10 regions, as well as nationally, rising by 6.3 cents per gallon to an average price of $3.116 dollars.
In recent oil market operations, a significant shift has been observed, particularly in recent days, as evidenced by the recent increase in prices. This change is largely attributed to geopolitical factors generating concerns about supply and possibly driven by short positions in the crude oil market.
The 3-2-1 differential, a metric assessing refinery profitability, experienced a decrease in the Brent market, dropping from $20.43 to $16.73 dollars per barrel in just one week. This pattern, where crude leads and products follow, is typical when geopolitical incidents and supply disruption fears impact markets. Although the deviation of ships around the Cape of Good Hope due to the situation in the Red Sea and the Suez Canal does not directly affect barrel-based supply, the extended navigation time practically reduces the supply.
The weekly diesel price per gallon in each region is as follows:
- East Coast – $4.02 dollars
- West Coast – $4.651 dollars
- Gulf Coast – $3.608 dollars
- Central Atlantic – $4.323 dollars
- Midwest – $3.798 dollars
- Rocky Mountains – $3.916 dollars
- California – $5.202 dollars
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