US retail diesel prices rose to their third-highest level on record while gasoline prices declined for a fifth-consecutive week, according to latest Energy Information Administration (EIA) data.
US retail diesel prices rose for a second consecutive week as escalating geopolitical tension in the Mideast Gulf restricts global crude and diesel flows. Prices climbed by 7.6¢/USG to $6.352/USG, their third highest point since reaching $6.382/USG in the week ended 28 September and $6.529/USG on 21 September. The midcontinent again led the national gain, after adding 12.8¢/USG week-over-week to reach $6.48/USG.
US retail gasoline prices nationwide averaged $4.269/USG for the week, a drop of 1.5¢/USG week-over-week and lows not seen since the week ended 7 September, when prices were $4.157/USG.
Gasoline prices declined across most regions, led by the US west coast, where prices slipped by 14¢/USG to $5.417/USG. Only the US midcontinent showed an increase in values, with prices up by 12.4¢/USG on the week to $4.269/USG, after ExxonMobil reported a unit upset at its 100,000 b/d Joliet refinery in Channahon, Illinois on 20 October.
Since the beginning of the US-Iran war in early March, US retail gasoline prices are up by $1.234/USG from the same week last year, while for diesel prices rose by $2.634/USG over the same period.
