{"id":741,"date":"2023-05-31T07:46:09","date_gmt":"2023-05-31T07:46:09","guid":{"rendered":"https:\/\/ladingcargo.com\/blog\/?p=741"},"modified":"2024-10-18T12:26:04","modified_gmt":"2024-10-18T12:26:04","slug":"16th-week-of-decline-diesel-drops-2-8-cents","status":"publish","type":"post","link":"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/","title":{"rendered":"16th week of decline, Diesel drops 2.8 cents"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Diesel prices have dropped for the sixth week in a row and the sixteenth time in the past 17 weeks.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Energy Information Administration set the industry standard price at $3.855 a gallon on Tuesday. It&#8217;s 2.8 cents lower than last week. The weekly average retail price of diesel peaked at $5.81 on June 20 of last year. Since then, more than $1.95 per gallon has been slashed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oil prices fell on the same day as the DOE\/EIA price drop. The decline seems to be related to concerns about the sustainability of the debt ceiling agreement reached over the weekend. The stock market ended unchanged.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/ladingcargo.com\/\">Lading Logistics<\/a> offers news and services for trucking, logistics, and supply chain. Gasoline and diesel prices are falling. This is good news for logistics and supply chain organizations. The transportation and rail industries are slowing down, so these trends will likely continue.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/#ULSD_Prices_and_OPEC_Meeting_Update\" >ULSD Prices and OPEC+ Meeting Update<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/#Diesel_Prices_and_Inventory_Situation_Update\" >Diesel Prices and Inventory Situation Update<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"ULSD_Prices_and_OPEC_Meeting_Update\"><\/span><strong>ULSD Prices and OPEC+ Meeting Update<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">The price of a gallon of ULSD on Tuesday was $2.2808. It decreased by 8.85 cents from the previous Friday&#8217;s settlement. The lowest price for ULSD was $2.2387 per gallon on May 4.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The DOE\/EIA price report was delayed until Tuesday because Monday was Memorial Day. There was no CME settlement on Monday.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Positive rustlings don&#8217;t stop oil markets from falling. OPEC and its allies will discuss future strategy at a meeting in Vienna this weekend.<\/span><\/p>\n<p><span style=\"font-weight: 400\">IEA predicted a 200,000-barrel-per-day growth in global demand by 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400\">IEA analysis shows that the globe will require OPEC+ to produce 45.2 million b\/d by the fourth quarter of this year to maintain market equilibrium. OPEC+ produced less than 42.4 million b\/d in April, according to recent data from S&amp;P Global Commodity Insights.<\/span><\/p>\n<p><span style=\"font-weight: 400\">OPEC+ meeting will happen after May production cutbacks. The cutbacks were announced in early April and have been in effect for a month. Crude spreads are steady or slightly weaker. The U.S. diesel market isn&#8217;t tight despite a 1.1 million b\/d reduction.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The discount between ULSD price on CME and physical diesel price in U.S. spot markets has remained stable, according to DTN Energy&#8217;s data. DTN reported a 5.25 cents per gallon difference between Gulf Coast ULSD and CME prices on Tuesday. At the start of the month, the difference was 4 cents per gallon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">ULSD barge lots in New York Harbor cost 0.25 cents more than CME counterparts on Tuesday. The spread at the beginning of this month was 0.5 cents.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The reductions will continue through the end of the year, according to OPEC+. Ministers from OPEC and OPEC+ don&#8217;t think there will be another cut at the weekend conference.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Prince Abdulaziz bin Salman warned speculators at a gathering in Qatar. He said they will be &#8220;ouching&#8221; because they gambled on oil&#8217;s price lowering. They caused pain in April. I don&#8217;t need to reveal my hand. I am not a poker player. Watch out.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Diesel_Prices_and_Inventory_Situation_Update\"><\/span><strong>Diesel Prices and Inventory Situation Update<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">April was referring to the market rise that followed the initial news of the output cut. The average price of a barrel of international crude was $87.33 on March 12. On Tuesday, Brent crude oil settled at $73.54 per barrel and West Texas Intermediate crude oil settled at $69.46 per barrel. This is the first time since May 5 that the settlement for West Texas Intermediate crude oil has been below $70 per barrel.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Diesel prices have fallen despite the tightening inventory situation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">U.S. inventories of ULSD were 94.7 million barrels for the week ending May 19. This is below the 100 million barrel threshold seen in recent years only at periods of high prices, such as last spring and fall. Diesel is about 90% of ULSD. The EIA figure for days cover for all nonjet distillates is 26.7 days. It is much lower than previous weekly reports in May.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Days cover is a ratio. It shows how long stocks would last without production and imports.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The trucking industry is in a slump, but consumption has remained stable. Nonjet distillate consumption is at 4.198 million b\/d. This is higher than the six-year average of 3.963 million b\/d, according to the most recent data from the EIA.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The front-month spread for ULSD over Brent on CME closed on Tuesday at just under 53 cents a gallon. There are indicators of tight diesel supplies and robust demand. On May 18th, the price was 59.6 cents per gallon.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">At last, lower demand and more supply have contributed to lower diesel prices during the last several weeks. Even if supplies are becoming low, fuel prices are down and the transportation business is slumping. Lading Logistics offers warehouse services, final-mile delivery, retail sales and distribution, trade automation services, freight forwarding, and more. Get in touch with Lading Logistics at any time for clarification.<\/span><\/p>\n<p>The ultimate guide to <strong><a href=\"https:\/\/ladingcargo.com\/blog\/what-are-the-best-dry-van-dispatch-services-in-the-usa\/\">book dry van<\/a><\/strong> dispatch services!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Diesel prices have dropped for the sixth week in a row and the sixteenth time in the past 17 weeks. The Energy Information Administration set the industry standard price at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":742,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[131],"tags":[],"class_list":["post-741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>16th week of decline, Diesel drops 2.8 cents<\/title>\n<meta name=\"description\" content=\"Happy news to logistics sector. Diesel prices continuously declining with a 2.8 cent from consecutive week marking for 16th week\u2019s decrease.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"16th week of decline, Diesel drops 2.8 cents\" \/>\n<meta property=\"og:description\" content=\"Happy news to logistics sector. Diesel prices continuously declining with a 2.8 cent from consecutive week marking for 16th week\u2019s decrease.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/\" \/>\n<meta property=\"og:site_name\" content=\"Lading Logistics\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-31T07:46:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-18T12:26:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ladingcargo.com\/blog\/wp-content\/uploads\/2023\/05\/16th-week-of-decline-Diesel-drops-2.8-cents.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Lading Logistics\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lading Logistics\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/\"},\"author\":{\"name\":\"Lading Logistics\",\"@id\":\"https:\/\/ladingcargo.com\/blog\/#\/schema\/person\/87a045829babf2fe3bc14f3a9cb24712\"},\"headline\":\"16th week of decline, Diesel drops 2.8 cents\",\"datePublished\":\"2023-05-31T07:46:09+00:00\",\"dateModified\":\"2024-10-18T12:26:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/\"},\"wordCount\":787,\"publisher\":{\"@id\":\"https:\/\/ladingcargo.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ladingcargo.com\/blog\/wp-content\/uploads\/2023\/05\/16th-week-of-decline-Diesel-drops-2.8-cents.png\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/\",\"url\":\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/\",\"name\":\"16th week of decline, Diesel drops 2.8 cents\",\"isPartOf\":{\"@id\":\"https:\/\/ladingcargo.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ladingcargo.com\/blog\/16th-week-of-decline-diesel-drops-2-8-cents\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ladingcargo.com\/blog\/wp-content\/uploads\/2023\/05\/16th-week-of-decline-Diesel-drops-2.8-cents.png\",\"datePublished\":\"2023-05-31T07:46:09+00:00\",\"dateModified\":\"2024-10-18T12:26:04+00:00\",\"description\":\"Happy news to logistics sector. 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