Diesel average heads up for third consecutive week, reports EIA

The average price per gallon of diesel gasoline saw a 2.3 cent increase to $2.996 per gallon, according to data issued by the Department of Energy’s Energy Information Administration (EIA).

This follows increases of 7 cents and 0.2 cents, respectively, over the previous two weeks, with the former seeing a significant bump due to to cold weather throughout many parts of the country last week.

These recent gains were preceded by a four-week stretch of declines, which saw the average price per gallon drop a cumulative 2.5 cents from $2.926 the week of November 27 to $2.901 the week of December 18.

Compared to the same week a year ago, this week’s diesel average is up 39.9 cents, topping last week’s annual spread of 38.7 cents.

The average price per barrel of WTI Crude is now at $61.73, up from $60.37 last week. WTI has remained above the $60 per barrel mar since late December. And the Wall Street Journal reported that geopolitical risk relating to Iran continued to buoy markets, adding that traders and oil market observers are waiting to see whether President Trump on extends U.S. sanctions relief to Iran as part of the 2015 international agreement to curb the Islamic Republic’s nuclear program tomorrow. It added that reinstating economic sanctions could limit Iran’s oil exports.