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The U.S. average retail price of diesel rose 1.5 cents to $2.597 a gallon, putting it in a tie for the highest price this year, also reached Jan. 9.
Diesel costs 43.2 cents more than it was a year ago, when the price was $2.165 a gallon, DOE said.
All regions posted higher diesel prices except New England, where diesel dipped 0.1 cent to $2.638 a gallon.
West Texas Intermediate crude futures on the New York Mercantile Exchange closed at $52.65 per barrel April 17, compared with $53.08 on April 10. It was $48.78 on March 17.
“There’s renewed faith that OPEC and non-OPEC will be able to get global inventories lower,” John Kilduff, a partner at New York-based hedge fund Again Capital, told Bloomberg News. “We’re also looking forward to the ramp-up of refineries before the summer driving season, which will also help lower crude inventories.”
OPEC is scheduled to meet in May to decide whether to extend its production cuts beyond the initial six-month period.
Meanwhile, last week, the U.S. rig count increased to 847, up by eight from the week before, and 407 more than a year earlier, oil-field services company Baker Hughes reported.
Baker Hughes ranks No. 14 on the Transport Topics Top 100 list of the largest private carriers in North America.
| By Transport Topics |
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