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Weekly average retail diesel price rose 7.7 cents
According to the report from the Energy Information Administration, the weekly average retail diesel price rose by 7.7 cents, reaching $3.735 per gallon. This increase follows nine consecutive weeks of decline from a peak of $4.061 per gallon recorded on April 6. The current rise is the most significant since the 21-cent increase on February 12.
This week, regional diesel price increases ranged from less than one cent to 10 cents. The price rise is attributed to general factors such as the appreciation of assets, reflected in the rise of stock markets, and better-than-expected employment data in the U.S., according to information from FreightWaves. Additionally, speculative buying following a prolonged price decline has contributed to this increase. Interestingly, the strengthening of the dollar, which would typically lower oil prices, has not had its usual effect this time. This discrepancy in the dollar/oil price relationship highlights the complexity of the factors at play.
The physical market for diesel barrels has shown significant improvements recently. In the Buckeye pipeline, which supplies the East Coast of the U.S., the differential for ultra-low sulfur diesel (ULSD) improved notably from minus 29 cents per gallon on June 6 to minus 7.5 cents last Monday. In Chicago, the differential also recovered, while in the Gulf Coast of the U.S., the improvement was smaller, and in California, the differential adjusted.
According to energy economist Philip Verleger, this price structure suggests that diesel inventories are likely to continue increasing, driven by the profitability of storing the commodity for future sale.
Average diesel price per gallon by region
The average price per gallon of diesel rose in nine of the ten regions included in the EIA report, with the exception of a one-tenth cent decrease in New England, and the largest increase in the Midwest. The average price per gallon of diesel by region is recorded as follows:
- Lower Atlantic – $3.727
- Central Atlantic – $4.050
- California – $4.915
- East Coast – $3.834
- West Coast – $4.417
- Gulf Coast – $3.472
- Midwest – $3.621
- Rocky Mountains – $3.682
- New England – $4.085
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