Benchmark diesel price is down; so is futures market in a big way

The benchmark price used for most fuel surcharges fell this week, but the focus in oil markets is on the huge decline in futures market prices recorded Monday.

The Department of Energy/Energy Information Administration average weekly retail diesel price fell to $6.292/gallon, a decline of 6 cts/g, effective Monday, published Tuesday.

That price would not have been impacted by the stunning fall in prices Monday in futures markets, not just for ultra low sulfur diesel (ULSD) but also for crude and gasoline benchmarks.

But it would have reflected in part weakness that occurred late last month which took diesel futures prices down from more than $4.90/g to numbers closer to $4.80 or below.

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