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Diesel Prices Fall Slightly, Crude Oil Up on OPEC, Election News

November 07, 2016

Source: EIA
Source: EIA

The average price of diesel fuel in the U.S. fell by nearly a cent and is still relatively flat over the past month, according to the latest numbers from the Energy Department.

The national price of on-highway diesel fuel dropped by 0.9 cents last week, settling at $2.47 per gallon at the pump. The price is 3.2 cents cheaper than it was in the same week a year ago.

Prices changes fluctuated by region, with the largest price drop occurring in the Midwest, falling 1.8 cents. The largest increase came to the Central Atlantic region, where prices gained 0.1 cent last week.

Gasoline prices were mostly flat as well, with the average national price of regular gasoline increasing by 0.3 cent to $2.233 per gallon. The price is virtually the same as it was in this week of 2015 – just 0.2 cents less. 

The largest decrease in gasoline prices was in the Gulf Coast region, where prices fell 2.7 cents for the week. This was offset by a 6.4-cent increase per gallon in the Central Atlantic region.

Once again the crude oil market reacted to the prospect of a production freeze as prices ended the day slightly higher, according to a Wall Street Journal Report.

A representative of the Organization of the Petroleum Exporting Countries indicated that the group is committed to freezing oil production in order to reduce the global supply glut, which should have the effect of increasing crude oil prices. While some countries were rumored to be against a production freeze, analysts are now feeling more optimistic about a deal.

The market also experienced a bump from the FBI reiterating that presidential candidate Hillary Clinton would not be charged based on newly discovered emails. The remarks were interpreted as benefitting Clinton’s chances on Election Day and the stock market, in general, has seemed to favor this outcome over a win by Donald Trump.

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