Diesel prices on the rise after three weeks of decline

By Land Line staff | 11/9/2015

The average price of a gallon of on-highway diesel had an increase of 1.7 cents from last week to $2.502 per gallon for the week ending Monday, Nov. 9. This marks the first weekly increase after three consecutive weeks of decreases.

Diesel price averages went up in eight of 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the West Coast less California region, where prices at the pump rose by 5.8 cents per gallon. Prices went down by 1.4 cents in the California region, the largest decrease in the nation.

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

  • U.S. – $2.502, up 1.7 cents
  • East Coast – $2.513, up 2.1 cents
  • New England – $2.549, up three-tenths of a cent
  • Central Atlantic – $2.620, up 1.6 cents
  • Lower Atlantic – $2.424, up 2.8 cents
  • Midwest – $2.526, up 1cent
  • Gulf Coast – $2.317, up 2.7 cents
  • Rocky Mountain – $2.488, down nine-tenths of a cent
  • West Coast – $2.716, up 1.9 cents
  • West Coast less California – $2.607, up 5.8 cents
  • California – $2.803, down 1.4 cents

According to ProMiles, the average retail price at truck stops was $2.445 on Monday morning, a 2.2-cent increase from last week.

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.

TruckMiles.com listed the daily average price for Monday at $2.515, with truckers in Connecticut paying an average of $3.072 per gallon, the highest in the nation. Truckers in South Carolina are paying a national low of $2.248 per gallon, according to the site. For the 49th consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 46 states in the contiguous U.S. with prices below $3, one fewer than the previous week.

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 $43.92 at noon CDT on Monday, a $2.22 decrease from last Monday and a 37-cent decrease from its last trading price. The price of Brent crude oil for December settlement was listed at $47.26, a $1.53 decrease from last Monday and a 16-cent decrease from its last trading price.

According to Bloomberg, oil prices fell for the fourth consecutive day on Monday as U.S. oil supplies continue to be high. AAA has indexed diesel prices at $2.488 for Monday, $1.139 cheaper than this time last year and 3 cents less than a month ago.

Copyright © OOIDA