Diesel average increases for the 11th consecutive week, reports EIA

The average price per gallon for diesel gasoline continued its weeks-long stretch of gains, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

For the week of July 12, the national diesel average eked out a $0.007-cent increase, to $3.338, topping the week ending July 5, at $3.331, and the week ending June 28, at $3.330, increasing for the 11th consecutive week. The averages for the weeks ending June 21, June 14, and June 7, came in at $3.287, $3.286, and $3.274, respectively.

Compared to the same week a year ago, this week’s national average is up 90 cents, topping the 89.4-cent annual spread for the week ending July 5.

The national average topped the $3 per gallon mark for the 18th consecutive week, going back to the week of March 1, when it came in at $3.072 per gallon. And before the week of March 1, the national average had been below the $3 per gallon mark since the week of February 2, 2020, when it posted an average of $2.956. 

West Texas Intermediate Crude oil is currently trading at $74.44 on the New York Mercantile Exchange.

In its Short-Term Energy Outlook, the EIA is pegging the average price per gallon of diesel to come in at $2.97 in 2021, with 2022 forecasted at $2.92. For WTI Crude, it is calling for the 2021 average to be $58.91, with 2022 at $56.99.