Diesel Average Rises 3.3¢ to $2.198
The U.S. average retail diesel price rose by 3.3 cents following a 3.7 cent increase the prior week.
Diesel was $2.198, the Department of Energy reported after its April 25 survey of fueling stations.
The price of trucking’s main fuel is 61.3 cents cheaper than a year ago.
Diesel prices rose in all regions of the country, increasing by 4.4 cents a gallon in the Midwest. The Gulf Coast had the lowest price, $2.074 despite an increase of 2.9 cent.
The average retail price of regular gasoline rose 2.5 cents to $2.162, DOE’s Energy Information Administration said. The price increased in every region.
Gasoline rose the most in the Midwest, increasing 4 cents to $2.097 a gallon.
The price of oil fell from a five-month high in New York on April 25 amid signs a global glut will be prolonged as Middle East producers boost supplies, Bloomberg News reported.
Kuwait plans to expand oil production to more than 3 million barrels a day by June, doubling output from where it stood during last week’s oil-worker strike. Iran has increased output by 1 million barrels a day since sanctions were lifted in January, according to Oil Minister Bijan Namdar Zanganeh. A government report April 27 is projected to show U.S. crude supplies topped 540 million barrels for the first time since 1929.
Oil has rebounded after falling to a 12-year low amid signs the global surplus will ease as U.S. crude output slips and gasoline demand climbs.
U.S. gasoline consumption rose to 9.25 million barrels a day in March, an all-time high for the month, the American Petroleum Institute said April 21.
"The market is trying to balance rising OPEC production with the rise in U.S. gasoline demand," said Phil Flynn, a senior market analyst at Price Futures Group Inc. in Chicago.
"Gasoline demand has been very strong, which will eventually tighten the oil market. This process will take some time.”
West Texas Intermediate oil for June delivery dropped $1.09, or 2.5%, to settle at $42.64 a barrel on the New York Mercantile Exchange on April 25. The contract climbed 1.3% to $43.73 on Friday, April 22, the highest close since Nov. 10.
U.S. average #Diesel fuel price on 4/25/16= $2.198/gal, UP $0.033 from week ago https://t.co/rQ3l3fapae #truckers pic.twitter.com/UdTxJlFIuC — EIA (@EIAgov) April 25, 2016
