This article is taken from the November 30, 2023 USDA Grain Transportation Report.
For the week ending November 27, the U.S. average diesel fuel price fell 6.3 cents from the previous week to $4.146 per gallon, 99.5 cents below the same week last year. Prices fell in all 10 Energy Information Administration (EIA)-defined U.S. regions, with the largest decline of 9.2 cents per gallon occurring in the Midwest.
The U.S. average diesel price has fallen 39.9 cents per gallon over the last 5 consecutive weeks — from the week ending October 30 to the week ending November 27. This week’s price is the lowest since July 31. As of November 22, both Brent crude and West Texas Intermediate oil prices had fallen for the last 4 consecutive weeks, because of record U.S. crude oil production and concerns about decreasing global demand — particularly in China, the world’s biggest oil importer.
According to EIA’s November Short-Term Energy Outlook, retail on-highway diesel prices per gallon are expected to average $4.25 in 2024 — down 4 cents from EIA’s October forecast