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The EIA average retail diesel price rose 4 cents to $3.584 a gallon on October 7, the third straight weekly gain. ULSD futures on the CME settled at $2.3926 a gallon, the highest since August 12, after rising 8.35 cents that day, as oil surged on fears of Israeli-Iranian attacks on Iran's oil industry.
Middle East risk premium is lifting diesel futures faster than retail fuel surcharge benchmarks, raising freight and farm-operating costs for feed buyers. Diesel-linked costs for grain and feed transport are likely to stay firm while the geopolitical risk persists.
freightwaves.comJohn KingstonOct 7, 2024After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
