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The US average diesel price fell 10.5 cents to $3.987 per gallon for the week ending December 11, the first sub-$4 reading since July. Diesel has dropped 55.8 cents since late October.
The decline followed OPEC+ voluntary production cuts and record US and Brazilian crude output.
Lower diesel and crude costs reduce fuel expenses for grain hauling and barge operations, easing logistics costs for grain. Crude prices remain under pressure from supply growth.
doi.orgDec 14, 2023After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
