Diesel prices are up for third straight week
February 11, 2014
The Department of Energy’s Energy Information Administration (EIA) reported this week that the average price per gallon of diesel headed up 2.6 cents to $3.977.
This represents the third straight week of increases for a cumulative 10.4 cent gain. And this week’s price is the highest since hitting $3.981 the weeks of September 9 and September 16.
Prior to these two weeks on rising prices, diesel dropped a cumulative 3.7 cents over the previous two weeks, when prices fell 1.3 cents and 2.4 cents, respectively. Those two weeks of declines were preceded by three weeks of gains for a cumulative 3.9 cents. And those gains were preceded by two weeks of declines for a cumulative 1.2 cent drop during the weeks of December 9 and December 17.
On an annual basis, the average price per diesel is down 12.7 cents, when diesel was at $4.104 per gallon.
In line with the gain in diesel prices is the recent increase in oil prices. The price per barrel of crude oil was $100.06 on the New York Mercantile Exchange at press time.
A Marketwatch report noted that this is the highest close of the year as traders looked toward this week’s economic data and monetary policy testimony from Federal Reserve Chairwoman Janet Yellen for cues on the next direction for prices.
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