Diesel prices see largest weekly increase in more than 2 years, reports EIA

Diesel prices took a major jump up this week, according to data issued by the Department of Energy’s Energy Information Administration (EIA).

With a 6.4 cent increase to $2.492 per gallon, this marks the single highest weekly increase for the average price per gallon of diesel since the week of September 2, 2013, when it rose 6.8 cents from $3.913 to $3.981.

This follows an increase from last week, which saw the average price head up 1.6 cents to $2.492 per gallon.

On an annual basis, the average price per gallon is down $1.142.

The price per barrel of West Texas Intermediate crude dropped 44 cents to $46.66 per barrel on the New York Mercantile Exchange, with prices falling 5.1 percent yesterday for its largest single-day decrease since September 1, according to a MarketWatch report.

And the International Energy Agency reported yesterday that oil markets are expected to stay oversupplied into next year as oil demand growth slows down amid an expected return of Iranian oil, the report said. The IEA said it reduced its demand forecast for oil growth by 200,000 barrels per day, with a new estimate of oil consumption pegged to increase by 1.2 barrel per day in 2016, which is below 2015’s rate of 1.8 barrels per day.