# Diesel benchmark down again, futures markets up amid Red Sea tension - FreightWaves

> The DOE/EIA diesel benchmark fell to $3.894 a gallon, the eighth straight weekly decline, while futures rose after BP suspended Red Sea tanker transits due to Houthi attacks. Shippers are rerouting around the Cape of Good Hope, slowing shipments.

- Date: 2023-12-18 · published 2023-12-18T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32876-diesel-benchmark-down-again-futures-markets-up-amid-red-sea-tension-freightwaves
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Red Sea rerouting lengthens voyages and raises freight and fuel costs, which tends to lift delivered feed ingredient prices and tighten shipping capacity.

## Read by commodity

- BRENT: bullish ▲
- DIESEL: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-01-13 | [Benchmark diesel price up for third week as oil futures markets soar again - FreightWaves](https://feedsoft.ai/events/11453-benchmark-diesel-price-up-for-third-week-as-oil-futures-markets-soar-again.md) | +2.7% | -6.4% |
| BRENT | 2024-10-07 | [Diesel benchmark up a few cents; futures prices soar on Mideast concerns - FreightWaves](https://feedsoft.ai/events/11682-diesel-benchmark-up-a-few-cents-futures-prices-soar-on-mideast-concerns.md) | +1.2% | -6.8% |
| BRENT | 2024-04-08 | [Benchmark diesel price heads higher; so do world oil markets - FreightWaves](https://feedsoft.ai/events/30915-benchmark-diesel-price-heads-higher-so-do-world-oil-markets-freightwaves.md) | -0.2% | -9.5% |
| BRENT | 2023-10-10 | [Benchmark retail diesel price falls, but Israeli conflict boosts futures - FreightWaves](https://feedsoft.ai/events/33826-benchmark-retail-diesel-price-falls-but-israeli-conflict-boosts-futures.md) | +0.6% | -3.9% |
| BRENT | 2023-12-26 | [After dropping for 8 weeks, benchmark diesel price turns higher - FreightWaves](https://feedsoft.ai/events/32875-after-dropping-for-8-weeks-benchmark-diesel-price-turns-higher-freightwaves.md) | -4.5% | +1.4% |
| DIESEL | 2025-01-13 | [Benchmark diesel price up for third week as oil futures markets soar again - FreightWaves](https://feedsoft.ai/events/11453-benchmark-diesel-price-up-for-third-week-as-oil-futures-markets-soar-again.md) | +4.9% | -0.9% |
| DIESEL | 2025-03-31 | [Benchmark diesel price up for second straight week, futures markets rise sharply - FreightWaves](https://feedsoft.ai/events/25784-benchmark-diesel-price-up-for-second-straight-week-futures-markets-rise-sharply.md) | -7.6% | -3.9% |
| DIESEL | 2025-03-24 | [Benchmark diesel price up first time in 3 weeks, futures markets edge higher - FreightWaves](https://feedsoft.ai/events/25787-benchmark-diesel-price-up-first-time-in-3-weeks-futures-markets-edge-higher.md) | +0.5% | -6.1% |

## Sources

- freightwaves.com: https://www.freightwaves.com/news/diesel-benchmark-down-again-futures-markets-up-amid-red-sea-tension

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.