National diesel average falls, for week of September 15, reports EIA

The national average price per gallon of diesel gasoline fell after seeing gains over the previous two weeks, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

Falling 2.7 cents, the national average, for the week of September 15, came in at $3.739, following a 3.2-cent increase, to $3.7666, for the week of September 8, and a 2.6-cent increase, to $3.734, for the week of September 1, and hitting its highest weekly average since the week of July 28, at $3.805. Which was preceded by 0.005-cent decline, to $3.708, for the week of August 25. Which was preceded by 4.1-cent decline, to $3.713, for the week of August 18, a 4.6-cent decline, to $3.754, for the week of August 11, a 0.005-cent decline, to $3.800, for the week of August 4, and a 0.007-cent decrease, to $3.805, for the week of July 28.

Those four weeks of declines were preceded by a 5.4-cent increase, to $3.812, for the week of July 21, a 1.9-cent increase, to $3.758, for the week of July 14, a 1.2-cent increase, to $3.739, for the week of July 7, and a 4.8-cent decline, to $3.727, for the week of June 30.

On an annual basis, the national average increased 21.3 cents, ahead of the 21.1-cent annual increase, for the week of September 8. WTI crude is currently trading at $63.82 on the New York Mercantile Exchange, up from $63.09 a week ago at this time.

A recent New York Times report stated that a group of eight oil producing countries, led by Saudi Arabia, is going to increase production by 137,000 barrels per day, effective in October.

“Although the new planned increase amounts only to a fraction of a percent of global supply, it sends a strong signal that the producers have shifted to a new approach after restraining production in recent years,” the report said.