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The EIA weekly US retail diesel average fell 16.4 cents to $5.268 a gallon, the largest one-week drop since October 2008. The price is now down 54.2 cents from the June 20 record of $5.81.
ULSD futures on CME also fell sharply in the prior week before rebounding slightly on Monday.
Lower diesel costs reduce freight and fuel-surcharge expenses for feed delivery and can ease cost pressure on feed mills and livestock producers. The decline reflects falling crude and recession worries, so it adds to bearish pressure on energy-linked commodities.
freightwaves.comJohn KingstonJul 25, 2022Not 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.
