This article has been reprinted from USDA's Nov. 21 Grain Transportation Report.
In its most recent Short-Term Energy Outlook, the Department of Energy’s Energy Information Administration (EIA) reports crude oil prices were down $3 per barrel in October from September and down $21 per barrel from the previous year.
“EIA expects crude oil prices will be lower on average in 2020 than in 2019 because of forecast rising global oil inventories, particularly in the first half of next year.”
Lower crude oil prices lay the foundation for stable diesel fuel prices for agricultural exporters next year.
Fuel surcharges for truck, rail, and barge transportation are often based on average diesel fuel prices.