Diesel prices are up for fourth straight week, reports EIA

Diesel prices headed up for the fourth straight week, according to data issued by the Department of Energy’s Energy Information Administration (EIA).

With a 0.2 cent gain, the average price per gallon now stands at $2.579 and follows gains of 0.7 cents, 0.7 cents, and 0.5 cents, respectively, over the previous three weeks.

The gains over the last four weeks are up a cumulative 2.1 cents, which were preceded by four consecutive weeks of declines, falling a cumulative 3.9 cents during that span. And those four weeks of declines were preceded by gains over the previous six weeks, with the average price per gallon increasing a cumulative 17.7 cents from the week of November 28 to the week of January 9.

On an annual basis, the average price per gallon is up 55.8 cents.

The average price per barrel of West Texas Intermediate Crude is at $53.20 on the New York Mercantile Exchange, with the price dropping in recent weeks due to high inventories.

A recent Reuters report said that oil prices were steady as news of lower production

In its most recent Short-Term Energy Outlook, the EIA is calling for diesel prices to average out at $2.73 in 2017 and $2.84 in 2018, with WTI crude oil pegged at $52.50 per barrel in 2017 and $55.18 in 2018.