Diesel Demand Rising at Fastest Pace in Five Years
U.S. diesel demand is rising at the fastest pace in five years as the economy expands and truckers haul more goods, boosting profits for refiners, Bloomberg reported Monday.
Use of the fuel in the four weeks ended June 11 rose 12% from the previous year, the Department of Energy said last week, with about 9.6% more freight moved by road in April than in the same period of 2009, according to American Trucking Associations.
Refiners earned $12.23 a barrel on Friday turning crude oil into diesel and other distillates, more than double levels of a year ago, according to futures market data, Bloomberg reported.
Ultra-low-sulfur diesel fuel used by trucks fell slightly in New York harbor market trading, trimming the 12-month gain to 17%, Bloomberg said.
Crude oil has gained 8.1 percent over the same period to $77.18 a barrel on the New York Mercantile Exchange. Oil rose about $1 Monday cents to $78.17 a barrel, Bloomberg reported.
DOE will release its weekly survey of diesel and gas pump prices Monday in Washington; both fuels have fallen for five straight weeks.
