By the numbers: diesel futures surging Tuesday to possible post-war high
Diesel futures prices are near a post-war high. The post By the numbers: diesel futures surging Tuesday to possible post-war high appeared first on FreightWaves .
On Tuesday, diesel futures prices surged to potentially hit a post-war peak on the CME commodity exchange. Ultra low sulfur diesel (ULSD) for October barrels, the front month being traded, was trading at $4.6243/g by 11:50 a.m. EDT, a 4.85% increase from the previous level. This marked the highest ULSD settlement since military action against Iran began on February 28-March 1.
The previous high post-war settlement was $4.6084/g on March 20. Retail diesel prices, lagging futures prices, fell 5.3 cents/gallon to $5.5999/g, the second decline in eight weeks. The highest post-war retail price was $5.562/g, set a week ago. The recent diesel price surge is due to a combination of factors, including reduced Middle East crude supplies, Ukrainian attacks on Russian refineries, and tight global inventories before winter.
The surge erased a recent decline in diesel prices, which had led to a drop in the Department of Energy/Energy Information Administration's (DOE/EIA) retail price. The potential for diesel futures to push the highest post-war retail diesel price upward is possible, with the current AAA record at $5.689 set on April 9.
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