The national average for the national average price per gallon of diesel gasoline came in at $5.718 per gallon, according to data published this week by the Department of Energy’s Energy Information Administration (EIA).
While this represents a 1.5-cent gain over the June 6 average, of $5.703, as well as the highest weekly average on record, EIA said this week it started conducting its On-Highway Diesel Fuel Price Survey using new statistical methodologies. It added that the published geographical areas for retail diesel fuel prices remain the same, but “as a result of the new statistical methodologies, the official, published price estimates for June 6 and June 13 are not directly comparable, so the weekly changes will not be published on June 13.”
From a straight reporting basis, looking at EIA data, diesel prices in the prior weeks remained at elevated levels.
The weekly national average, for the week of May 30, at $5.539, was down 3.2 cents compared to May 23, at $5.571. The week of May 16 came in at $5.613, and the week of May 9 came in at $5.623, which was a previous high, for the national weekly average.
Compared to the same week a year ago, this week’s national average is up $2.432, topping the week of June 6, at $2.429.
West Texas Intermediate Crude oil is currently trading at $118.04 per barrel on the New York Mercantile Exchange, down from $120.00 a week ago at this time.
Shippers coping with record-high fuel surcharges are advised by diesel supply experts to simply bear with it until more (and cheaper) crude oil is available, perhaps later this year but probably not until 2023.
Diesel prices will probably remain high longer than gasoline prices because diesel inventories have fallen to multiyear lows. That’s according to Patrick De Haan, head of petroleum analysis for Gas Buddy, an online fuel forum.
The Energy Department’s most recent data showed inventories of distillates, a category that includes diesel, are 22% below the five-year average for this time of year. That type of distillate is also used for home heating oil. So, if a cold winter is forecast, diesel is likely to stay high, experts said.
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