During the week ending July 6, diesel fuel prices fell slightly, by one cent per gallon. Diesel prices have now dropped eight cents over the past six weeks, according to the Energy Information Administration (EIA).
EIA reported that June crude oil spot prices fell by $3 bbl. to a monthly average of $61 bbl., which resulted in the drop in diesel prices, the USDA reported today in its weekly Grain Transportation Report. “Oil prices have been relatively stable in recent months despite consistent growth in global petroleum and other liquids inventories,” EAI said. “Inventory builds are projected to moderate somewhat in the coming months, but are expected to remain high compared with previous years.”