National diesel average is up after a week in decline, reports EIA

Coming off of a week in which the national average price per gallon of diesel gasoline decline for the first time in 12 weeks, a new streak has started with the national average heading up, for the week of August 2, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

With a 2.5-cent increase, the national average came in at $3.367 per gallon, topping the $3.342 per gallon average, for the week of July 26, and trailing the $3.344 per gallon average, for the week of July 19.

Compared to the same week a year ago, this week’s national average is up 94.3 cents, topping the annual spreads for the weeks of July 26 and July 19, at 91.5 cents and 91.1 cents, respectively.

The national average again topped the $3 per gallon mark for the 19th consecutive week, going back to the week of March 1, when it came in at $3.072 per gallon. And before the week of March 1, the national average had been below the $3 per gallon mark since the week of February 2, 2020, when it posted an average of $2.956. 

West Texas Intermediate Crude oil is currently trading at $69.92 on the New York Mercantile Exchange.

In its Short-Term Energy Outlook, the EIA is pegging the average price per gallon of diesel to come in at $2.97 in 2021, with 2022 forecasted at $2.92. For WTI Crude, it is calling for the 2021 average to be $58.91, with 2022 at $56.99.