In The News
On-highway diesel prices up 2.5 cents to $2.382 a gallon
Since the end of February diesel prices have been inching back up except for a few downward spurts here and there. Tuesday was no exception when the U.S. Energy Information Administration (EIA) reported the national on-highway average was 2.5 cents more at $2.382 a gallon compared with last week's price of $2.357.
The EIA usually reports its diesel and gas prices on the first Monday of each week but that report was delayed until today by the Memorial Day holiday Monday.
All 10 of EIA's reporting regions showed an upswing in prices with the West Coast Less California sector ratcheting up 6.3 cents a gallon, the West Coast up 5.3 cents and California up 4.5 cents from the week prior.
At this same time last year, however, the national on-highway average was still 52.7 cents more than it is now.
For details on prices by region click here.
Meanwhile, analysts are again upping their oil price predictions, according to The Wall Street Journal.
Investment banks surveyed by the Journal hiked their price forecast for the third consecutive month in May, predicting that Brent crude would average $43 a barrel in 2016, $2 more than April's survey.
The price of West Texas Intermediate, the U.S. oil gauge, was predicted to average $41 a barrel this year and $55 a barrel in 2017.
Oil prices rose above $50 a barrel last Thursday for the first time since November.
By fourth-quarter 2016, analysts expect oil to be trading at $48 a barrel, up from a prediction of $47 in April's survey, according to the Journal.
U.S. output has fallen from a peak of 9.7 million barrels a day in April 2015 to less than nine million barrels in recent weeks, according to government data.
Benchmark U.S. crude oil fell 23 cents Tuesday to $49.10 a barrel in New York. Brent crude, used to price international oils, gave up 7 cents to $49.69 a barrel in London, according to The Associated Press.
The Trucker staff can be reached to comment on this article at [email protected].