Diesel Prices Surge, Then Sell-Off
Update: 2025-11-12
Description
Diesel Prices Surge to Record Highs, Impacting Shipping and Fuel CostsDiesel prices have reached a record high, with the average retail price climbing to $3.84 per gallon, the highest since July 2024. This marks the third consecutive week of rising prices, with a total increase of over 21 cents in the past three weeks. The consistent upward trend is attributed to low global inventory levels, which have been declining despite typically building up before winter. U.S. inventories of non-jet fuel distillates dropped from 123.6 million barrels in late September to 111.5 million barrels by the end of October. The strength of diesel is also evident in commodity markets, with ultra-low sulfur diesel increasing by 7% in six trading days earlier this month, outpacing the increase in crude oil. However, markets are volatile, and diesel prices experienced a notable sell-off on Wednesday morning, influenced by a new report from OPEC suggesting a more balanced supply and demand outlook for oil.
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