U.S. diesel prices see gains for the third consecutive week

The national average price per gallon for diesel gasoline saw an increase for the third consecutive week, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

For the week of May 17, the national average came in at $3.249 per gallon, topping the week ending May 10, at $3.186 per gallon, by 6.3 cents. This followed a 4.4-cent increase, for the week of May 10, and a 1.8-cent increase, to $3.142, for the week of May 3.

That was preceded by back-to-back readings of $3.124, for the weeks of April 19 and April 26, respectively. Prior to that, it slipped 1.5-cents, to $3.129, for the week of April 12, and a 1.7-cent decrease, to $3.144, for the week of April 5, and a 3.3-cent decrease, to $3.161, for the week of March 29. And prior to the last seven weeks, the national diesel average headed up for 20 consecutive weeks. Even though the national average declined, it topped the $3 per gallon mark for the twelfth 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. 

Gas prices across the United States are still reeling from last week’s cyber attack on Colonial Pipeline, which accounts for nearly half of U.S. East Coast fuel supplies.

A Reuters report noted that Colonial said the company’s lines were fully operational on Monday, but it will take some time for supplies to recover fully from the cyber attack. And it added that last week’s closure of Colonial Pipeline's 5,500-mile (8,900-km) system was the most disruptive cyber attack on record, preventing millions of barrels of gasoline, diesel and jet fuel from flowing to the East Coast from the Gulf Coast.

West Texas Intermediate Crude oil is currently trading at $66.00 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.