Diesel average heads up after first decline in five weeks

The average price per gallon of diesel gasoline returned to growth this week, rising 1.4 cents to $2.926 per gallon, according to data issued by the Department of Energy’s Energy Information Administration (EIA).

This comes on the heels of a 0.3-cent decline last week, which marked the first time the weekly average fell in more than a month, with gains of 3.3 cents, 2.2 cents 1 cent, and 0.4 cents, respectively over the previous four weeks.  

This week’s price is now the highest weekly average in more than two years, topping the $2.915 recorded during the week of November 13, which had been the recent highest weekly price, when it eclipsed the week ending June 15, 2015 at $2.87.

Compared to the same week a year ago, the current diesel average is up 50.6 cents, which is ahead of recent annual spreads of 49.1 cents and 47.2 cents, respectively, over the previous two weeks.

WTI crude oil is currently trading at $58.11 per barrel on the New York Mercantile Exchange, ahead of last week’s average of $56.09.