{
  "id": 17994623,
  "title": "Benchmark diesel price is down; so is futures market in a big way",
  "url": "https://urgent.news/2026/11/03/benchmark-diesel-price-is-down-so-is-futures-market-in-a-big-way",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T17:13:17.000Z",
  "source": {
    "name": "FreightWaves",
    "slug": "freightwaves",
    "url": "https://www.freightwaves.com/news/benchmark-diesel-price-is-down-so-is-futures-market-in-a-big-way"
  },
  "original_language": "en",
  "account": "The benchmark diesel price has decreased this week, and the futures market is experiencing a significant drop. On Monday, the average weekly retail diesel price fell to $6.292/gallon, a reduction of 6 cents per gallon from the previous week. This decline is not directly linked to the sharp drop in futures market prices. However, the decrease in futures prices occurred after the benchmark diesel price had already dropped due to earlier weakness. Monday marked the first day that the December ULSD contract was listed, leading to a substantial decline of 36.89 cents per gallon in the price. Comparing the December contract over the two days still shows an impressive decline of 25.45 cents per gallon. December ULSD settled at $4.4216/gallon on Monday, the lowest settlement since October 6. Brent, the global crude benchmark, fell by 10.94%, while West Texas Intermediate declined by 7.36%. The drop in oil prices was partly driven by hopeful news about negotiations between the U.S., Israel, and Iran, which could lead to an end to hostilities. However, the market's base case remains the possibility of a diplomatic breakthrough. Analysts note that while any one diplomatic hope is unlikely to lead to a significant outcome, the market expects some sort of resolution. Oil analyst Rory Johnston stated that the market's base case remains that the situation will end through some kind of deal. Despite the recent decline, analysts like Jeffrey Currie remain bullish, predicting a long-term supply problem and a continued upward trend in oil prices.",
  "summary": "The benchmark price used for most fuel surcharges fell slightly this week, but the focus in oil markets is on the huge decline in futures market prices recorded Monday. The Department of Energy/Energy Information Administration average weekly retail diesel price fell to $6.292/gallon, a decline of 6 cts/g, effective Monday, published Tuesday. That price would […] The post Benchmark diesel price…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}