National diesel average hits a new record high, for week of June 6, reports EIA

The national average price per gallon of diesel gasoline saw a significant increase, off of already record-high prices, to a new record high, for the week of June 6, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

The weekly national average—at $5.703—climbed 16.4 cents over the $5.539 average, for the week of May 30, which 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 the previous high, for the national weekly average prior to this week’s tally.

Prior to the week of May 9, the national average saw the following: a 3.49-cent increase, to $5.509, for the week of May 2, a 5.9-cent increase, to $5.160, for the week of April 25, a 2.80-cent increase, to $5.101, for the week of April 18, a 7.1-cent decline, to $5.0753, for the week of April 11, and a 4.1-cent decline, to $5.144, for the week of April 4. Prior to that, the national average was up $5.1 cents, for the week of March 28, to $5.185 per gallon, preceded by an 11.6-cent decline, to $5.134, for the week of March 21.

On an annual basis, this week’s national average is up $2.429, topping the annual spreads for the weeks of May 30 and May 23, at $2.284 and $2.318, respectively.

West Texas Intermediate Crude oil is currently trading at $120.00 per barrel on the New York Mercantile Exchange, up from $115.37 a week ago at this time.

LM recently reported that diesel prices will probably remain high longer than gasoline prices because diesel inventories have fallen to multiyear lows. 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.

On an annual basis, this week’s national diesel average is up $2.429 compared to the same week a year ago.