National diesel average soars, for the week of July 31, reports EIA

Following a nearly-10-cent gain, for the average price per gallon of diesel gasoline, marking the largest weekly gain in more than a year, for the week of July 24, an even larger gain followed, for the week of July 31, according to data issued today by theDepartment of Energy’s Energy Information Administration (EIA).

With a 22.2-cent increase, the national average, for the week of July 31, came in at $4.127 per gallon. This represents the single largest weekly gain since a 40.1-cent increase, for the week of March 14, 2022. This was preceded by a 9.9-cent increase, to $3.905, for the week of July 24, which now marks the second-largest weekly increase going back to the week of March 14, 2022.

What’s more, the gains over the last two weeks account for a cumulative 32.1-cent gain, with EIA data indicating the last time the weekly average saw gains for two consecutive weeks were the weeks of January 23 and January 30, for a cumulative 9.8-cent increase.

The last two weeks of gains were preceded by 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.

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 $1.011 annually, trailing annual declines seen over the previous two weeks, at $1.363 and $1.626, respectively. WTI crude oil is trading at $81.17 on the New York Mercantile Exchange.