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The DOE/EIA benchmark diesel price used for most fuel surcharges fell 6.8 cents to $4.376 per gallon, its third straight weekly decline. CME ULSD futures rose sharply on renewed focus on EU sanctions against Russian diesel, diverging from falling crude.
Retail diesel is falling while futures are being lifted by sanctions, so freight surcharges may stay elevated despite the headline decline, supporting logistics costs for feed delivery.
freightwaves.comJohn KingstonFeb 21, 2023After 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.
