USDA Grain Transportation Report (1/12): Diesel Price Falls 3.4 Cents

According to today's USDA Grain Transportation Report, after rising 4.6 cents per gallon for the week ending January 2, the average diesel fuel price dropped again.

For the week ending January 9, the U.S. average diesel fuel price fell to $4.549 per gallon, down 3.4 cents from the previous week, but still up 89.2 cents from the same week last year.

In the Midwest, the diesel price dropped to $4.390, down 3.3 cents per gallon from the previous week, but 86.8 cents above the same price last year.

According to the recent Energy Information Administration (EIA) forecast, U.S. refining margins for diesel will fall 20 percent in 2023 and fall 38 percent in 2024. EIA also forecasts retail diesel prices to average $4.20 per gallon in 2023, down 16 percent from 2022.

In 2024, EIA forecasts diesel prices will continue to fall and will average $3.70 per gallon.