Diesel prices increase for fifth straight week

The average price per gallon of diesel gasoline increased for the fifth straight week, according to data issued by the Department of Energy’s Energy Information Administration (EIA).

This week’s price at $2.564 saw a 1.5 cent gain compared to last week, with the gains over the last four weeks, coming in at 0.2 cents, 0.7 cents, 0.7 cents, and 0.5 cents, respectively.

The gains over the last five weeks are up a cumulative 3.6 cents, which were preceded by four consecutive weeks of declines, falling a cumulative 3.9 cents during that span. And those four weeks of declines were preceded by gains over the previous six weeks, with the average price per gallon increasing a cumulative 17.7 cents from the week of November 28 to the week of January 9.

Compared to the same week a year ago, the average price per gallon is up 46.5 cents, which is down from last year’s annual spread of 55.8 cents.

The average price per barrel of West Texas Intermediate Crude is at $47.37 on the New York Mercantile Exchange, with the price dropping in recent weeks due to high inventories.

A recent Reuters report said that oil prices were steady as news of lower production

In its most recent Short-Term Energy Outlook, the EIA is calling for diesel prices to average out at $2.73 in 2017 and $2.84 in 2018, with WTI crude oil pegged at $52.50 per barrel in 2017 and $55.18 in 2018.