DOE/EIA price at record as diesel surge shows no sign of retreat
The benchmark diesel price used for most fuel surcharges is at an all-time high. The post DOE/EIA price at record as diesel surge shows no sign of retreat appeared first on FreightWaves .
The Department of Energy/Energy Information Administration (DOE/EIA) reported a record-high average weekly retail diesel price, reaching $6.285/gallon on Monday. This marks the highest price in the history of the benchmark, up 31.8 cents/gallon from the previous week. Since its inception in July 2022, the DOE/EIA number has risen by $1.707/cts/g, climbing from its initial $4.578/gallon price.
The AAA all-time high price was $5.82/gallon, reached in June 2022, following the Russian invasion of Ukraine. The DDTS.USA price, also an all-time high at $6.26/gallon, follows the lead of the ultra-low sulfur diesel (ULSD) on the CME commodity exchange. Prior to Thursday, ULSD had never settled above $5/gallon until April 28, 2022.
On Thursday, it settled at $5.0575/gallon, only the second time in its history it surpassed the $5 mark. Early Monday, ULSD prices climbed as high as $5.19/gallon, but a late selloff brought the settlement to $4.9615/gallon, up just 0.2% for the day. Despite some disruptions, such as a Joliet, Illinois refinery shutdown due to a power outage, analysts predict continued upward pressure on diesel prices, driven by low inventories, ongoing disruptions in the Persian Gulf, and increased Chinese buying.
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