The Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended August 21, 2017. At the national level, prices for both fuels declined, though diesel prices edged down only a fraction of a cent. Retail diesel prices increased by 0.2 cents per gallon, while gasoline prices rose by 2.4 cents per gallon.
As noted last week, retail prices tend to follow crude prices, so this week’s increase in retail fuel prices was expected. The lingering weakness in West Texas Intermediate (WTI) crude prices is likely to keep product prices down during the current week, though prices may vary in submarkets.
For the current week ended August 21, diesel prices declined by 0.2 cents to arrive at an average price of $2.596/gallon. Although the decline was small, it broke a string of seven consecutive weeks of rising retail prices for diesel. In the seven weeks between the week ended June 26 and the week ended August 14, diesel prices rose by 13.3 cents per gallon.
U.S. retail gasoline prices dropped by 2.4 cents for the week ended August 21 to an average price of $2.36/gallon. Prices fell in three of five PADDs and rose in the other two. During the most recent week ended August 21, prices were 16.7 cents higher than for the same week in 2016. Prior to this week, gasoline prices had risen for four consecutive weeks, rising by 10.6 cents per gallon between the week ended July 17 and the week ended August 14.
WTI crude opened at $47.45 per barrel (/b) this session, a drop of $1.27 from yesterday’s opening. The gains from Friday’s rally were largely given back. Currently this morning, WTI prices are $47.41/b, down slightly by 4 cents since today’s opening.
