National diesel average tops the $4 per gallon mark for the second consecutive week, reports EIA

The national average price per gallon for diesel gasoline saw its sixth straight week of strong gains, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

This national average, for the week of February 21, headed up $0.036 cents, to $4.055 per gallon, topping the $4 per gallon mark for the second straight week. This marks the second time the national diesel average topped the $4 per gallon mark, following a $0.68-cent increase, to $4.019 per gallon, for the week of February 14. Prior to these last two weeks, the national diesel average had not been above the $4 per gallon mark since the week of March 17, 2014, when it came in at $4.003 per gallon.

Prior to these last two weeks of gains above $4.00 per gallon, the national average increased $0.105 cents, to $3.951, for the week of February 7, 6.6-cent increase, to $3.846, for the week of January 31, a 5.5-cent increase, to $3.780 per gallon, for the week of January 31, and a 6.8-cent increase, to $3.725 per gallon for the week of January 17.

This followed a 4.4-cent increase, to $3.657 per gallon, for the week of January 10. These two weeks of gains were preceded by eight consecutive weeks of declines, including: a $0.002-cent decrease, to $3.613 per gallon, for the week of January 3, a $1.1-cent decrease, to $3.615 per gallon, for the week of December 27, and a $2.3-cent decrease to $3.626 per gallon, for the week of December 20.

For the week of October 11, the national diesel average increased 10.9-cents, which represented the highest single increase, since September 4, 2017, which saw a 15.3-cent increase, due to Hurricane Harvey.

This week’s national diesel average is up $1.082 annually, topping the annual spread of $1.143, for the week of February 14.

West Texas Intermediate Crude oil is currently trading at $92.42 on the New York Mercantile Exchange.

The increase on global oil prices, driven by the ongoing Russia-Ukraine conflict, is looming as a potentially major concern in global energy markets. And it has the potential to impact diesel prices for shippers and carriers.

In its Short-Term Energy Outlook, EIA pegged the 2022 and 2022 averages for WTI crude to come in at $71.32 and $63.50, respectively. For diesel, it said it expects the average prices per gallon to come in at $3.33 and $3.27, for 2022 and 2023, respectively.

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National diesel average tops the $4 per gallon mark for the second consecutive week, reports EIA

Posted by SHREE SAI PACKER AND MOVERS BANGALORE

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