Diesel Moves Lower for Fourth Straight Week, Oil Higher Over Past Week
May 27, 2014
The average U.S. price for on-highway diesel keeps moving lower, with the Energy Department reporting the fourth consecutive weekly decline.
It shed 0.9 cent from a week ago, hitting $3.925, its lowest level since late January. Over the past four weeks it is down 5 cents, but is 4.5 cents higher from the same time a year ago.
Prices fell in all the different parts of the country, except in the West Coast region, adding 0.2 cent from last week, for an average of $4.027.
On-highway diesel prices. Credit: U.S. DOE
It ranges from a low of $3.783 in the Gulf Coast region, down 0.8 cent from last week, to a high of $4.13 in New England, 0.9 cent less during the same time period.
Compared to a year ago, prices in all parts of the country are higher, except in the Midwest, where it is 3.2 cents lower at $3.884 per gallon.
Meantime, the average price of regular-grade gasoline gained 0.9 cent over the past week, hitting $3.674. The hike follows a small drop of just 0.3 cent last week, making the fuel 2.9 cents higher this week than during the same time in 2013.
Increases were reported in the New England, Central Atlantic and Midwest parts of the country over the past week while prices fell in all other sections. Compared to a year ago all regions, except the Midwest and Rocky Mountain regions, have higher prices.
Gasoline ranges from a low of $3.435 in the Gulf Coast region, down 0.4 cent from last week, to a high of $4.004 in the West Coast region, down 1.1 cent during the same time.
Meantime, the price of crude oil closed at $104.11 in New York trading on Tuesday, down 24 cents on the day. On Friday it closed at its highest level since April 21, picking up 2.3% for the week. It moved higher last week due to indications of increased U.S. energy demand and ahead of Ukraine’s presidential election, which took place over the weekend, but eased on Tuesday following indications Russia is willing to work with the new leader, despite his pro-European stance.