Transport Topics Online  
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
2/8/2016 4:19:00 PM Write a Letter to the Editor Write a letter to the Editor

Diesel Sets Record Low, Falling 2.3¢ to $2.008


Bruce Harmon/Transpix

The U.S. retail diesel average price fell for the 13th consecutive week, dropping 2.3 cents a gallon to $2.008 and setting a record low in the era of ultra-low-sulfur fuel, the Department of Energy reported.

DOE began reporting ULSD prices Feb. 5, 2007, when the price was $2.463. The previous low was March 16, 2009, when the price was $2.023.

Trucking’s main fuel is 82.7 cents a gallon cheaper than a year ago, DOE said after its Feb. 8 survey of fueling stations.

Diesel dropped in all regions last week, with prices falling below $1.90 in the Gulf Coast. They 2.1 cents to $1.896 in that region.

The Rocky Mountain area at $1.914, the Midwest at $1.929 and the Lower Atlantic at $1.959 checked in under $2 a gallon. 

The average retail price of gasoline fell to $1.759 down 6.3 cents from Feb. 1 and 43.2 cents from a year ago when it was $2.191.

Also on Feb. 8, crude oil futures closed on the New York Mercantile Exchange at $30.12 down $1.50 from $31.62 on Feb. 1.

EIA Analyst Hannah Breul told Transport Topics, “In terms of what is driving diesel prices down, I’d say it’s in large part due to lower crude oil prices. And the fact that we have had a warmer winter than normal means that the incremental distillate use for heating buildings of all kinds has been a lot less. We are not getting the seasonal uptick you sometime see at this time of year.”

Heating oil and diesel fuel largely are drawn from the same base stock, she said.

Also, Breul said U.S. refineries have generated a lot of product and inventory. “That can put some downward pressure on prices, too.”

Refinery runs have been fairly high in Europe, as well, she added. “So this [downward pressure on prices] isn’t just a U.S. thing. The markets are all connected.”

2 Next >>

By Roger W. Gilroy
Staff Reporter


Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2016, Transport Topics, American Trucking Associations Inc.
Reproduction, redistribution, display or rebroadcast by any means without written permission is prohibited.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising

EMU
iTech
© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement