National diesel average drops for sixth straight week, reports EIA

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

With a 2.1-cent decline, the national diesel average now stands at $3.261 per gallon. This follows declines of 3.5 cents, 2.1 cents, of 1.7 cents, 2.5 cents, and 1.4 cents, respectively, over the prior five weeks. Diesel has fallen a cumulative 13.3 cents over the last five weeks.

Prior to the last six 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 $3.261 average is up 33.5 cents annually, which is down from last week’s 37-cent annual spread, as well as 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 $51.51 per barrel on the New York Mercantile Exchange, down from $56.76 a week ago.