Diesel prices remain mostly stagnant

By Tyson Fisher, Land Line staff writer | Monday, September 25, 2017

The average price of a gallon of on-highway diesel went down three-tenths of a cent to $2.788 per gallon for the week ending Monday, Sept. 25. This marks the second consecutive decrease after three weeks of increases.

Diesel price averages went down in six of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the Gulf Coast region for the second straight week, where prices at the pump went down by 1.5 cents per gallon. Prices went up 1.9 cents in the Rocky Mountain region, the largest increase in the nation.

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

  • U.S. – $2.788, down three-tenths of a cent
  • East Coast – $2.811, down three-tenths of a cent
  • New England – $2.762, down three-tenths of a cent
  • Central Atlantic – $2.925, up six-tenths of a cent
  • Lower Atlantic – $2.74, down nine-tenths of a cent
  • Midwest – $2.741, down two-tenths of a cent
  • Gulf Coast – $2.624, down 1.5 cents
  • Rocky Mountain – $2.832, up 1.9 cents
  • West Coast – $3.103, unchanged
  • West Coast less California – $3.008, down one-tenth of a cent
  • California – $3.180, up one-tenth of a cent

According to ProMiles, the average retail price at truck stops was $2.754 on Monday morning, a four-tenths of a cent decrease 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 $2.818, with truckers in Pennsylvania paying an average of $3.259 per gallon, the highest in the nation. Truckers in Oklahoma are paying a national low of $2.546 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. Seven states are reporting average prices above $3, two more than last week and the first time since July 2015. No states have reported average diesel prices below $2 since April 27, 2016.

AAA has indexed diesel prices at $2.721 for Monday, 36.4 cents more expensive than this time last year and 19.3 cents higher than a month ago.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for November delivery was trading at $51.78 at noon CDT on Monday, a $1.87 increase from last Monday and a $1.12 increase from its last settlement price. The price of Brent crude oil for November settlement was listed at $58.50, a $3.02 increase from last Monday and a $1.64 increase from its last settlement price.

Brent oil settled at its highest since October 2015, and the nearly $7 price spread between Brent and WTI is the highest in two years. According to Reuters, Monday’s spike in oil prices comes as major oil producers believe the market is rebalancing and Turkey threatens to cut oil from Iraq’s Kurdistan region.

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