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Economy

Diesel benchmark rises 9.7 cents to $6.276, ending three-week slide

The EIA's national on-highway diesel average went up in the week of Oct. 19, with the biggest increases on the West Coast and in California.

By Transport News Staff ·

The U.S. average retail price of on-highway diesel rose 9.7 cents to $6.276 a gallon in the week of Oct. 19, according to the U.S. Energy Information Administration (EIA). It was the first increase after three weekly declines.

Most fuel surcharges are based on this weekly benchmark. The price takes effect on Monday, and the EIA releases it on Tuesday. The next release is scheduled for Oct. 27.

How we got here

The national average peaked at $6.529 in the week of Sept. 21. FreightWaves described that as an all-time high. The price then fell for three weeks:

  • Week of Sept. 28: $6.382
  • Week of Oct. 5: $6.199
  • Week of Oct. 12: $6.179
  • Week of Oct. 19: $6.276

Diesel now costs $2.656 a gallon more than a year ago, according to the EIA.

Regional prices

Prices rose in every region the EIA tracks. The biggest increases were in the West:

  • West Coast: $7.394, up 15.4 cents
  • California: $8.242, up 15.1 cents
  • West Coast excluding California: $6.659, up 15.6 cents
  • Rocky Mountain: $6.422, up 12.0 cents
  • Midwest: $6.352, up 9.3 cents
  • Gulf Coast: $5.903, up 9.4 cents, the lowest regional average
  • East Coast: $5.984, up 7.6 cents

On the East Coast, the Lower Atlantic rose 9.5 cents to $5.740. The Central Atlantic rose 3.7 cents to $6.508, and New England rose 2.9 cents to $6.470.

What moved the market

FreightWaves reported that the benchmark followed a jump of more than 21 cents a gallon in ultra-low sulfur diesel futures on the CME on Oct. 13. It linked that jump mainly to traders concluding that short-term measures, including the Trump administration's diesel deal with Russia, would do little to change supply. On Oct. 20, oil prices fell after unconfirmed reports that Qatar and Pakistan had proposed new talks aimed at ending the Iran war.

FreightWaves also reported that Phillips 66 locked out Teamsters members at its Bayway refinery in New Jersey after their contract expired. Operations at the refinery were reported to be running normally, and the lockout was not expected to affect prices.

What it means for carriers

Here is a rough example. A truck that gets 6.5 miles per gallon pays about 97 cents a mile for fuel at the new national average. This week's 9.7-cent increase adds about 1.5 cents a mile.

Fleets with surcharge schedules tied to the EIA benchmark will recover part of that cost as surcharges reset. Owner-operators who are paid a flat rate with no surcharge pay the full increase themselves. With prices above $8 in California and above $7 across the West Coast, it pays to plan where you fuel on western runs.

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