Weekly diesel average hits highest level in more than two years

The Department of Energy’s Energy Information Administration (EIA) reported this week that the average price per gallon of diesel gasoline headed up 2.2 cents to $2.819 per gallon.

This marks the highest weekly average price in more than two years, going back to the week of July 6, 2015, when it stood at $2.832 per gallon. And this continues a stretch of weekly gains on the heels of 1-cent and 0.4-cent gains the last two weeks.

On an annual basis, this week’s average price per gallon is up 34 cents, ahead of the annual spreads of the last two weeks of 31.9 cents and 30.6 cents.

West Texas Intermediate crude oil is currently trading at $54.15 per barrel.

Data in the EIA’s Short-Term Energy Outlook shows that the 2017 average for diesel will be $2.64 per gallon, with 2018 pegged at $2.69 per gallon. And WTI crude is estimated to be at $46.69 per barrel in 2017 and $50.57 per barrel in 2018.