Diesel fuel prices fell 8 cents per gallon to $3.14 during the week ending Jan. 5 and fuel prices have fallen 47 cents per gal. over the past 5 weeks, according to the USDA Grain Transportation Report.
The Energy Information Administration reports that crude oil prices fell sharply in the fourth quarter of 2014 as robust global production exceeded demand. “After reaching monthly peaks of $112 per barrel (bbl) and $105/bbl in June, crude oil benchmarks Brent and West Texas Intermediate (WTI) fell to $62/bbl and $59/bbl in December, respectively. Brent prices fell below the five-year average in early September and WTI prices have been below the five-year average since early October. Domestic crude oil production increased 1.2 million barrels per day (bbl/d) in 2014, up 16 percent from 2013. At 8.6 million bbl/d, U.S. production is at the highest level in nearly 30 years.”
During the week ending Jan. 3 barge grain movements totaled 465,550 tons, 23.7 % lower than the previous week and 26.8% lower than the same period last year, according to the USDA.
During the week ending Jan. 3, 289 grain barges moved down river, down 24.7% from last week; 618 grain barges were unloaded in New Orleans, up 29% from the previous week, according to the Grain Transportation Report.
