Diesel average heads up for fourth straight week, reports EIA

The United States Department of Energy’s Energy Information Administration (EIA) reported this week that the average price per gallon of diesel gasoline headed up 3.2 cents to $3.028 per gallon.

This marks the fourth straight week of gains, following increases of 2.3 cents, 7 cents, and 0.2 cents, respectively, over the previous three weeks.

This stretch of gains was preceded by a four-week stretch of declines, which saw the average price per gallon drop a cumulative 2.5 cents from $2.926 the week of November 27 to $2.901 the week of December 18.

Compared to the same week a year ago, diesel’s average is up 44.3 cents. What’s more, this week’s price is the highest in three years, going back to the week of January 12, 2015, when it came in at $3.053 per gallon.

The average price per barrel of WTI Crude is now at $63.72, up from $61.73 a week ago. WTI has remained above the $60 per barrel mark since late December. And the Wall Street Journal reported that geopolitical risk relating to Iran continued to buoy markets, adding that traders and oil market observers are waiting to see whether President Trump on extends U.S. sanctions relief to Iran as part of the 2015 international agreement to curb the Islamic Republic’s nuclear program tomorrow. It added that reinstating economic sanctions could limit Iran’s oil exports.