Diesel prices have dropped another 3.4 cents to a national average of $3.767 per gallon (this information provided by the Energy Information Administration). The national average price for diesel is now $1.908.
The average price of diesel has fallen for the past three straight weeks and the national average price for a gallon of on-highway gasoline also fell by 4.4 cents a gallon to $3.527.
Front-month WTI crude prices jumped more than $2 a barrel as U.S. traders returned to their desks from the Independence Day federal holiday. Meanwhile, Saudi Arabia promised to maintain a production cut through August. Saudi Arabia and Russia are currently the world’s two largest oil exporters. Saudi Arabia is currently performing a 1 million-barrels-per-day output reduction.
Crude prices rose, as did the new front-month CME Group ultra-low-sulfur diesel, and futures contract negotiations indicated a rise for on-highway retail prices down the line.
U.S. refineries operated at 92.2% of capacity (EIA data shows). The EIA has yet to release data for the most recent week because of the July 4th holiday. Distillate output fell 300,000 barrels week-on-week to 4.7 million barrels a day – the lowest level since the beginning of May.
Supply-side support may boost crude prices later this summer because of market complacency when factoring risk to supply management.
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