Diesel prices fall 3.3 cents, says EIA
in the NewsBehind KION Group’s acquisition of Dematic UniCarriers Americas executives partner with Roosevelt University Brexit impact yet to be measured by U.S. logistics managers Rail carload and intermodal volumes fall for the week ending June 18, reports AAR BTS reports U.S.-NAFTA trade falls 3.2 percent in April More News
Following a 4.6 cent decline last week, the price per gallon for diesel fuel dropped another 3.3 cents this week to $3.931, according to the Department of Energy’s Energy Information Administration (EIA).
This marks the third time in the last five weeks the price per gallon has fallen, but the price per gallon as recently as two weeks ago cracked the $4 per gallon mark at $4.01. This marked the first time it had hit that level since checking in at $4.061 on May 16.
As LM has reported, in April and May there were multiple weeks in which the price per gallon of diesel was north of $4, before settling into the $3.70 to $3.90 range for most of the subsequent weeks. And prior to cracking $4 per gallon two weeks ago, the previous week saw the price per gallon spike ten cents, which was the single largest weekly gain since the week of April 11, when the price per gallon increased 10.2 cents to $4.105.
The price per gallon is now 19.3 cents below the 2011 high of $4.124 per gallon from the week of May 2, which is also highest level for diesel prices since August 2008, when prices were approaching $5 per gallon.
On an annual basis, the price per gallon is now up 73.4 cents, which is down from recent comparisons in the mid-80s range.
Meanwhile, the price per barrel of oil reached $102.44 on the New York Mercantile Exchange yesterday, which was its highest level since November 17, before dropping to $101.57, according to an Associated Press report.
Many shippers have told LM they are forecasting for steady fuel increases in their supply chain and transportation budgets should diesel prices continue to hover around the $4 per gallon mark.
About the AuthorJeff Berman Jeff Berman is Group News Editor for Logistics Management, Modern Materials Handling, and Supply Chain Management Review. Jeff works and lives in Cape Elizabeth, Maine, where he covers all aspects of the supply chain, logistics, freight transportation, and materials handling sectors on a daily basis. Contact Jeff Berman
Subscribe to Logistics Management Magazine!Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your entire logistics operation.
Start your FREE subscription today!
WMS Update: What do we need to run a WMS? Supply Chain Software Convergence: Synchronization Realized View More From this Issue