National diesel average heads up for the fifth consecutive week, reports EIA

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

With a 10.5-cent increase, the national average, for the week of February 7, came in at $3.951, following a 6.6-cent increase, to $3.846, for the week of January 31, a 5.5-cent increase, to $3.780 per gallon, for the week of January 31, and a 6.8-cent increase, to $3.725 per gallon for the week of January 17.

This followed a 4.4-cent increase, to $3.657 per gallon, for the week of January 10. These two weeks of gains were preceded by eight consecutive weeks of declines, including: a $0.002-cent decrease, to $3.613 per gallon, for the week of January 3, a $1.1-cent decrease, to $3.615 per gallon, for the week of December 27, a $2.3-cent decrease to $3.626 per gallon, for the week of December 20, a $2.5 cent decrease to $3.649, for the week of December 13.   

For the week of October 11, the national diesel average increased 10.9-cents, which represented the highest single increase, since September 4, 2017, which saw a 15.3-cent increase, due to Hurricane Harvey.  

This week’s national diesel average is up $1.064 annually, topping the annual spreads of $1.15, for the week of January 31. West Texas Intermediate Crude oil is currently trading at $90.23 on the New York Mercantile Exchange.

In its Short-Term Energy Outlook, EIA pegged the 2022 and 2022 averages for WTI crude to come in at $71.32 and $63.50, respectively. For diesel, it said it expects the average prices per gallon to come in at $3.33 and $3.27, for 2022 and 2023, respectively.