The EIA released its weekly data on diesel and gasoline retail prices for the week ended July 3, 2017. After a series of weekly price declines, crude prices pushed significantly higher last week, bringing mixed results for gasoline and diesel prices. For the current week, prices for diesel increased by .7 cents per gallon nationally, while gasoline prices fell by 2.8 cents per gallon.
For the current week, national diesel prices rose by .7 cents to settle at an average price of $2.42, roughly 5 cents higher than this time last year. This week’s price hike ended the five-week streak of declining national diesel prices.
Most PADDs saw relatively small market movements, though PADD 2 Midwest saw retail diesel prices rise by 1.7 cents. The Rocky Mountains were the only PADD to see prices fall, dropping .7 cents.
Unlike diesel prices, gasoline prices fell this week, driven the EIA’s report of a 278 kbpd reduction in gasoline demand. Diesel demand fell by just 129 kbpd last week, insulating it from the downward price pressure. Gasoline prices averaged $2.260 last week, down more than 3 cents from this time last year.
National gasoline prices dropped 2.8 cents from last week’s price, bringing the streak of downward gasoline prices to five straight weeks. Regional gasoline prices were down across the board, ranging from a 4.7 cent price drop in the Gulf Coast to a meager .5 cent decline in PADD 1A New England.