Diesel prices decline for 5th week in a row

Diesel prices headed down for the fifth straight week, according to recent data issued by the Department of Energy’s Energy Information Administration (EIA).

Falling 0.5 cents to $2.539 per gallon, this follows declines of 2.1 cents, 1.8 cents, 1.2 cents, and 0.2 cents over the previous five weeks for a cumulative 5.8 cent decline going back to the week of April 17.

Compared to the same week a year ago, the average price per gallon was up 18.2 cents, below last week’s 24.7 cent annual spread.

WTI Crude is currently trading at $51.44 on the New York Mercantile Exchange. Reuters reported earlier today that oil prices increased today “in volatile trading as expectations of an extension to OPEC-led supply cuts and another drop in U.S. crude inventories overshadowed a White House proposal to sell half the country's petroleum reserves.”