Diesel prices go up after 18 weeks of decline

By Land Line staff | 11/10/2014

The average price of a gallon of on-highway diesel went up 5.4 cents from last week to $3.677 per gallon for the week ending Monday, Nov. 3. All good things must come to an end, as this ends the 18-week streak of falling prices.

Diesel price averages went down in 6 of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the Lower Atlantic region, where prices at the pump went down by 3.6 cents per gallon. Prices went up 16.4 cents in the Midwest region, the largest increase in the nation.

Following are the average prices by region as reported by the EIA:

  • U.S. – $3.677, up 5.4 cents
  • East Coast – $3.568, down 2.9 cents
  • New England – $3.659, down 2.8 cents
  • Central Atlantic – $3.634, down 2.1 cents
  • Lower Atlantic – $3.497, down 3.6 cents
  • Midwest – $3.788, up 16.4 cents
  • Gulf Coast – $3.562, up 3.0 cents
  • Rocky Mountain – $3.796, up 8.3 cents
  • West Coast – $3.782, down seven-tenths of a cent
  • West Coast less California – $3.712, up eight-tenths of a cent
  • California – $3.841, down 2.0 cents

ProMiles, the software company that maintains the websites ProMiles.com and TruckMiles.com, continues to offer its own weekly fuel price information. The company’s fuel price data are presented in the same format used by the EIA in the agency’s weekly reports. The prices include a national average as well as regional averages, and comparisons to the previous week and the previous year.

A key difference between the EIA and ProMiles reporting is the type and number of fueling stations the company surveys in order to calculate its averages. While EIA surveys 400 truck stops and convenience stores nationwide, ProMiles uses its direct feed from thousands of truck stops to develop its averages.

According to ProMiles, the average retail price at truck stops was $3.648 on Monday morning, a 7.1 cent increase from last week.

TruckMiles.com listed the daily average price for Monday at $3.699, with truckers in North Dakota paying an average of $4.115 per gallon, the highest in the nation. Truckers in Virginia are paying a national low of $3.343 per gallon, according to the site. Truckers in three of the Lower 48 states are paying in excess of $4 per gallon at the pump.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for December delivery was trading at $77.68 on Monday afternoon, a $2.11 decrease from last Monday and a 97-cent decrease from its last trading price. The price of Brent crude oil for December settlement was listed at $83.02, a $1.99 decrease from last Monday and a 37-cent decrease from its last trading price.

According to Bloomberg, Brent reached its highest price in a week due to Chinese exports exceeding forecasts. WTI prices went down amid speculation that the Organization of Petroleum Exporting Countries will not be reducing output, despite surpassing output goals in for October. AAA has indexed diesel prices at $3.630 for Monday, 19.5 cents cheaper than this time last year and 6.6 cents lower than a month ago. According to AAA, the 46-day decline in unleaded gas prices is the longest streak since 2008.

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