Average diesel price increase slowing down

By Land Line staff | Monday, May 09, 2016

The average price of a gallon of on-highway diesel had an increase of five-tenths of a cent from last week to $2.271 per gallon for the week ending Monday, May 9. This marks the fifth consecutive weekly increase after a short-lived one-week decrease. Last week’s increase was the largest since March 14.

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 Rocky Mountain region, where prices at the pump rose by 2.2 cents per gallon. Prices were down six-tenths of a cent in the Gulf Coast region, the only decrease in the nation. Diesel prices in the Lower Atlantic region were unchanged.

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

  • U.S. – $2.271, up five-tenths of a cent
  • East Coast – $2.309, up three-tenths of a cent
  • New England – $2.339, up five-tenths of a cent
  • Central Atlantic – $2.402, up six-tenths of a cent
  • Lower Atlantic – $2.232, unchanged
  • Midwest – $2.241, up nine-tenths of a cent
  • Gulf Coast – $2.131, down six-tenths of a cent
  • Rocky Mountain – $2.277, up 2.2 cents
  • West Coast – $2.493, up 1.2 cents
  • West Coast less California – $2.368, up 1.1 cents
  • California – $2.594, up 1.5 cents

According to ProMiles, the average retail price at truck stops was $2.245 on Monday morning, a five-tenths of a 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 $2.307, with truckers in Rhode Island paying an average of $2.649 per gallon, the highest in the nation. Truckers in Oregon are paying a national low of $2.072 per gallon, according to the site. No states in the Lower 48 states have been listed in excess of $4 per gallon at the pump since Dec. 4, 2014. All 48 states in the contiguous U.S. have average prices below $3. For the second consecutive week, no states are reporting average diesel prices below $2.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for June delivery was trading at $43.52 at noon CDT on Monday, a $1.26 decrease from last Monday and a $1.14 decrease from its last trading price. The price of Brent crude oil for July settlement was listed at $43.76, a $2.07 decrease from last Monday and a $1.61 decrease from its last trading price.

Financial Times reports Monday’s sudden drop in oil prices was a combination of optimism over the impact of the Canadian wildfire, a strengthening U.S. dollar and Saudi Arabia declaring it will continue to produce at near-record levels. AAA has indexed diesel prices at $2.223 for Monday, 62.5 cents cheaper than this time last year and 13.1 cents higher than a month ago.

Copyright © OOIDA

Comments