National diesel prices continues sustained momentum, for the week of March 8, according to EIA data

Diesel prices continued their onward momentum, for the week of March, 8, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

The national average price per gallon—at $3.143—headed up for the 18th consecutive week, rising 7.1 cents, and topped the $3 per gallon mark for the second straight week.

The 7.1-cent increase trailed the 9.9-cent increase, for the week of March 1, to $3.072 per gallon, 9.7-cent gain, for the week of February 22, at $2.973 per gallon. This outpaced the 7.5-cent increase, to $2.876 per gallon, for the week of February 15, and the 6.3-cent increase to $2.801, for the week of February 8.

Prior to the week of February 8, the most recent high, for a weekly national average, was from the week of March 9, 2020, when it came in at $2.814, right before the COVID-19 pandemic took hold.

Going back to the week of November 9, which kicked off this 18-week stretch of increases, the national average has headed up a cumulative 69.5 cents. And prior to 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. And prior to 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. 

On an annual basis, this week’s national average is up 32.9 cents.

West Texas Intermediate Crude oil is currently trading at $64.39 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 $2.88 in 2021, with 2022 forecasted at $2.87. For WTI Crude, it is calling for the 2021 average to be $57.24, with 2022 at $54.75.