Gasoline and Diesel Retail Prices
The EIA released its weekly retail gasoline and diesel prices yesterday. Prices for both gasoline and diesel were higher across the board for the week ended July 24. NYMEX prices, which set the tone for wholesale prices nationally and, ultimately, retail prices, rose over 5% during the week before giving up their gains; retail markets simply held their small gains during the week.
Diesel prices were saw steady nationwide price hikes. The average retail diesel price in the U.S. rose 1.6 cents to $2.507, nearly 13 cents above the same week last year. Prices rose the most on the Gulf Coast, an interesting phenomenon given the nearly flat Gulf Coast wholesale trading action. For diesel, basis levels rose the most in Chicago and the West Coast; both regions saw below-average increases in retail prices.
Retail gasoline prices saw much larger gains, holding on to more of their increases than retail diesel prices could. Across the nation, prices rose 3.4 cents to $2.312, which like diesel is 13 cents above this week in 2016. Prices were driven by gains on the East Coast and in the Gulf, which have seen larger inventory draws than other parts of the country. The West Coast held flat this week, and Rocky Mountain prices rose only 1.2 cents.
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