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The DOE/EIA weekly benchmark diesel price rose 3.4 cents to $3.769 a gallon, its second straight weekly gain. Brent futures climbed from about $77.50 on June 4 to over $86, and Philip Verleger attributed part of the move to Gunvor and Trafigura buying grades that feed the dated Brent assessment.
Fuel surcharges for freight and feed delivery track this benchmark, so rising diesel costs add to hauling expenses for feed buyers. The price rise appears driven by trading activity rather than a fundamental supply shortage, so it may reverse.
freightwaves.comJohn KingstonJun 24, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
