For the week ending November 16, the U.S. average diesel fuel price increased 5.8 cents from the previous week to $2.441 per gallon.
Diesel prices have not had a weekly increase this high in over a year (September 2019).
According to a recent Transport Topics article, trucking demand is high, putting upward pressure on diesel fuel prices.
In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) expects global oil inventories to continue falling in the coming months.
However, EIA expects high global oil inventories and surplus production capacity of crude oil will limit upward pressure on oil prices through the end of 2020.