Diesel’s pump price continued its recent slide, falling 5.9 cents to $3.897 a gallon, its seventh straight decline and the lowest price since early February. Gasoline also fell, dropping 4.5 cents to $3.669 a gallon, its eighth straight downturn. The diesel slide — the biggest single-week drop in five months — leaves trucking’s main fuel 5.1 cents below the same week last year. Gasoline is now 12.5 cents under a year ago. The diesel decline was the biggest since it fell 6.6 cents to $3.826 on Dec. 19.
Diesel fuel prices fell on a national level 5.9 cents per gallon this week. It might have been a holiday week but as wholesale prices continue to fall retail locations have slowly started to give back some of the large fueling margins they have had recently. With the fuel futures markets not looking very exciting, diesel fuel will continue to fall.
This week the Department of Energy announced diesel fuel prices nationwide were $3.956. This makes diesel fuel 10 cents cheaper than just 2 weeks. Some parts of the country still are facing supply constraints like the West Coast, still saw diesel fuel prices at $4.233 a gallon.
Diesel fell 4.8 cents to $3.956 per gallon, its sixth straight decline and the first time it has been below $4 in three months, while gasoline fell for the seventh straight week. The diesel decline leaves it at 4.1 cents below the same week last year and its lowest price since Feb. 13. Gasoline, meanwhile, fell 4 cents to $4.714 a gallon, its lowest price since Feb. 20. Trucking’s main fuel has fallen 19.2 cents in the past six weeks, while gasoline has plunged 22.7 cents in seven straight declines. The declines parallel plunging oil prices, which have dropped more than $13 in the past three weeks to a seven-month low Friday under $92 a barrel.
EIA expects that on-highway diesel fuel retail prices, which averaged $3.84 per gallon in 2011, will average $4.06 per gallon in 2012, down 9 cents per gallon from last month’s Outlook. In 2013, diesel fuel retail prices are projected to decline to $4.03 per gallon, 8 cents per gallon lower than the previous Outlook.
Diesel took its biggest decline in five months, falling 5.3 cents to $4.004 a gallon, and gasoline fell for a sixth week. Gasoline fell 3.6 cents to $3.754 a gallon. In six weeks, the motor fuel has fallen a cumulative 18.7 cents and is now 20.6 cents below the same week last year. The diesel decline leaves it at the lowest level since February and 5.7 cents below the same week last year.
I went on a business trip recently to the annual NPTC (National Private Trucking Council) conference in Cincinnati. It’s a great event for private fleets and surrounding industries. Every year it continues to grow and be very successful. This was my 2nd year attending, and I don’t see why I won’t be there the next few years. It’s a great opportunity to see people face to face, listen to great speakers, and learn the newest trends in the trucking industry.
Diesel dipped 1.6 cents to $4.057 a gallon, its fourth straight decline and the fifth in six weeks, as oil hit a three-month low and gasoline also fell.Gasoline dropped 4 cents following a 4-cent decline last week, leaving the price at $3.79 a gallon. Gas has declined 15.1 cents in five straight declines.The diesel downturn left trucking’s main fuel 4.7 cents below the same week a year ago, while gas is 17.5 cents lower. Diesel has slid 9.1 cents in the past four weeks. Despite that decline, this week’s price is 27.4 cents over the year’s low $3.783, reported on Jan. 2.
Fuel Prices will go lower, you bet. Or bet on it. See crude oil prices are down over $10 a barrel from almost $110 in the beginning of March. Now just 2 months later we are at $97 barrel. Sure retail gas stations and truck stops are holding their fuel margins as much as they can and would you blame them. The issue is diesel fuel and gas prices are running out of steam with lower crude oil prices.
Sokolis Group had a booth at the National Private Truck Council annual conference. It’s wasn’t the first time and it probably won’t be our last time.