National diesel average sees first weekly gain in five months, reports EIA

On the heels of 19 consecutive weeks of declines, the national weekly average price per gallon of diesel gasoline took a turn up, ever so slightly, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

With a 0.004-cent increase, the national average came in at $2.390. This followed declines of 0.008-cents, 0.005-cents, 3.8-cents, and 4.3-cents, respectively, over the previous four weeks.

Going back to the week of January 13, when the national diesel average was $3.064, diesel prices fell a cumulative 66.56 cents through May 18, a 19-week span. What’s more, the national weekly average has been below the $3 per gallon mark since the week of February 3, when it was fell to $2.956, following a $3.01 average for the week of January 27.

On an annual basis, this week’s average is down 76.1 cents down from last week’s 77.7-cent annual spread.

While prices remain depressed due the ongoing COVID-19 pandemic, a New York Times report indicated that with driving activity in the U.S. and Europe seeing an uptick, coupled with Chinese refineries buying more oil as its economy re-opens and Saudi Arabia and China ending their price war and cutting production and American oil companies decommissioning rigs and shutting wells, oil prices have seen modest gains in recent weeks.

West Texas Intermediate Crude is currently trading at $32.45 per barrel on the New York Mercantile Exchange, which was flat with a $32.65 average a week ago.