National Diesel Average Price Rises After Three Weeks of Declines
The average price of diesel fuel in the United States rose 1.7 cents a gallon to $2.502, the first rise after three consecutive weekly declines, the Department of Energy reported Nov. 9.
The national average for trucking’s main fuel was cheaper by $1.175 a gallon from a year ago, DOE’s Energy Information Administration said after its weekly survey of fueling stations.
Retail prices for the fuel rose in every region of the country except California, with a 1.4-cent decline, and the Rocky Mountains, where it dipped 0.9 cent. The West Coast minus California had the steepest increase, 5.8 cents.
Each week, DOE surveys about 400 diesel filling stations and 800 gasoline stations to compile national average prices.
Gasoline rose 1.1 cent to $2.235 a gallon. That follows a four-tenths of a cent decline the prior week.
Oil fell for a fourth day as a U.S. supply glut weighs on prices, and prices ended at the lowest level in two weeks Nov. 9. U.S. crude inventories increased 1.28 million barrels last week, according to a Bloomberg News survey.
Oil has slumped more than 40% the past year amid speculation the global oversupply will persist as the Organization of Petroleum Exporting Countries continues to pump more than its collective quota, Bloomberg reported.
"Excessive supplies seem to be the dominant factor in the market," Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut, told Bloomberg. "The weak fundamentals in the market will continue to weigh on things."
West Texas Intermediate for December delivery dropped 42 cents, or 1%, to $43.87 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 27. The volume of all futures traded was about 30% above the 100-day average.
U.S. average #Diesel fuel price on 11/09/15= $2.502/gal, UP $0.017 from week ago: https://t.co/t3sBGVntRW #truckers pic.twitter.com/6KrknuRYBA — EIA (@EIAgov) November 9, 2015
