Diesel consumers can be excused if they are exhausted from trying to project where the prices they pay at the pump will be going after the events of the past few days and weeks.
The weekly Department of Energy/Energy Information Administration average retail diesel price that is the basis for most fuel surcharges fell Monday, published Tuesday, to $5.348/gallon, up 3.5 cts/g. It's the fourth consecutive week the benchmark has increased, up 77 cts/g during that time.
The increase came as prices are rapidly falling in the futures market on the latest news that a deal to reopen the Strait of Hormuz is imminent. That decline came after a sharp slide in the prior three trading days on that same hope, as the market quickly embraces any prospect of an end to the closure of the strait.
Price movement in the ultra low sulfur diesel (ULSD) contract on the CME commodity exchange during those three days, and into Tuesday, have been some of the most volatile since the U.S. and Israel launched their attacks on Iran at the beginning of March.
With the market latching on to any talk of some sort of settlement that would reopen the Strait of Hormuz, the price of ULSD on CME fell, respectively, 3.68%, 2.09% and 5.93% in the three trading days ending Monday.
#strait #tuesday #hormuz
The weekly Department of Energy/Energy Information Administration average retail diesel price that is the basis for most fuel surcharges fell Monday, published Tuesday, to $5.348/gallon, up 3.5 cts/g. It's the fourth consecutive week the benchmark has increased, up 77 cts/g during that time.
The increase came as prices are rapidly falling in the futures market on the latest news that a deal to reopen the Strait of Hormuz is imminent. That decline came after a sharp slide in the prior three trading days on that same hope, as the market quickly embraces any prospect of an end to the closure of the strait.
Price movement in the ultra low sulfur diesel (ULSD) contract on the CME commodity exchange during those three days, and into Tuesday, have been some of the most volatile since the U.S. and Israel launched their attacks on Iran at the beginning of March.
With the market latching on to any talk of some sort of settlement that would reopen the Strait of Hormuz, the price of ULSD on CME fell, respectively, 3.68%, 2.09% and 5.93% in the three trading days ending Monday.
#strait #tuesday #hormuz
2 months ago
