Recent Diesel Price Movements: The Department of Energy/Energy Information Administration’s average weekly retail diesel price decreased by 5.1 cents per gallon in the latest update, following a significant increase of 21 cents two weeks prior and a stable price last week. This price serves as the basis for most fuel surcharges.Β
Market Trends and Stability: Oil prices have shown relative stability, with Brent crude trading within a tight range. However, ultra-low sulfur diesel (ULSD) prices on the CME commodity exchange have exhibited a downward trend, with some recent recovery. Regional diesel markets in the U.S. have seen varying degrees of strength, with some areas experiencing price improvements.
Potential Market Influences: Tensions in the Middle East and possible diversions of oil shipments away from the Red Sea/Suez Canal route could impact oil prices by tightening supply. Additionally, a limited supply of new tankers in 2024 could lead to increased demand for existing vessels, potentially affecting transportation costs and market dynamics.
28
Feb
Feb
