National diesel average sees highest weekly increase in more than a year, reports EIA

The national average price per gallon of diesel gasoline, for the week of July 24, nearly increased ten cents week-over-week, according to data issued this week, by the Department of Energy’s Energy Information Administration (EIA).

With a $0.099-cent increase, the national average came in at $3.905 per gallon. This represents the largest weekly gain, going back to the week of March 14, 2022, when the national average rose $0.401, to $5.25 per gallon, the first time the national average ever topped the $5 per gallon mark.

This followed two weeks of flat national averages, at $3.806, for the weeks of July 7 and July 14, respectively. For the week of July 3, the national average fell 3.4 cents, to $3.767

This marks the only the seventh week in 2023 that has seen a weekly increase, and the second-largest weekly 2023 uptick, with an 8.0-cent gain, was the week of January 23.

Prior to the 3.4-cent decline, for the week of July 3, the national average fell 1.4-cents to $3.801, for the week of June 26, which was preceded by matching 0.003-cent declines, for the weeks of June 12 and June 19, to $3.794 and $3.815, respectively. That was preceded by a 5.8-cent decline, for the week of June 5, to $3.797, which was preceded by a 2.8-cent decline to $3.855 per gallon, for the week of May 29, a 1.4-cent decline, to $3.883, for the week of May 22, a 2.5-cent decline, to $3.897 per gallon, for the week of May 15 and a 9.6-cent decline, to $3.922, for the week of May 8, which represented its largest weekly decline since a 9.5-cent drop to $4.444, for the week of February 13.

The national average is down $1.363 annually, below the $1.626 annual decrease, for the week of July 17. WTI crude oil is trading at $79.56 on the New York Mercantile Exchange.