Falling Brent crude oil prices has once again lowered the projected average price for diesel in 2014. The U.S. Energy Department’s Energy Information Administration’s new Short-Term Energy Outlook expects diesel fuel prices, which averaged $3.97 per gallon in 2012, are projected to average $3.91 per gallon in 2013 and $3.73 per gallon in 2014.
Brent crude oil spot prices fell from a monthly average of $112 per barrel in September 2013 to an average of $109 per barrel during October. EIA expects the Brent crude oil price to continue to weaken as non-OPEC supply growth exceeds growth in world consumption. The Brent crude oil price is projected to average $106 per barrel by December 2013 and $103 per barrel in 2014.
The forecast WTI crude oil spot price, which averaged $106 per barrel during September, fell to an average of $101 per barrel in October. EIA expects that WTI crude oil prices will average $97 per barrel during the fourth quarter of 2013 and $95 per barrel during 2014.