Diesel average falls for fifth consecutive week, reports EIA

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

Falling 3.5 cents, the national diesel average now stands at $3.282 per gallon. This follows declines of 2.1 cents, of 1.7 cents, 2.5 cents, and 1.4 cents, respectively, over the prior four weeks. Diesel has fallen a cumulative 11.2 cents over the last five weeks.

Prior to the last five weeks of declines, the weekly average price was $3.394 for the week ending October 15, which marked the single highest weekly average going back to the week of December 15, 2014, when it was at $3.419 per gallon, according to EIA data, and the average for the week ending October 8 was $3.385.

Over that eight-week stretch of gains, going back to the week of August 20 to the week of October 15, the national diesel average price increased by 18.7 cents over that span.

On an annual basis, this week’s $3.282 average is up 37 cents annually, which is down from annual spreads of 40.2 cents, 45.6 cents and 53.6 cents, respectively, over the previous three weeks.

West Texas Intermediate crude oil is currently trading at $56.76 per barrel on the New York Mercantile Exchange, down from $59.93 a week ago.