National diesel average falls for 19th consecutive week, reports EIA

Data issued this week by the Department of Energy’s Energy Information Administration (EIA) showed that the national average price per gallon of diesel gasoline declined for the 19th consecutive week.

Falling 0.008 cents, this week’s average came in at $2.386, following a 0.005-cent one week ago, to $2.394. This was preceded by a 3.8-cent decline to $2.399 and a 4.3-cent decline the week of April 27.

Going back to the week of January 13, when the national diesel average was $3.064, diesel prices have fallen a cumulative 66.56 cents through May 18. What’s more, the national weekly average has been below the $3 per gallon mark since the week of February 3, when it was fell to $2.956, following a $3.01 average for the week of January 27.

On an annual basis, this week’s average is down 77.7 cents, topping last week’s 76.6-cent annual decline. 

While prices remain depressed due the ongoing COVID-19 pandemic, a New York Times report indicated that with driving activity in the U.S. and Europe seeing an uptick, coupled with Chines refineries buying more oil as its economy re-opens and Saudi Arabia and China ending their price war and cutting production and American oil companies decommissioning rigs and shutting wells, oil prices have seen modest gains in recent weeks.

West Texas Intermediate Crude is currently trading at $32.65 per barrel on the New York Mercantile Exchange, up from $25.55 last week.