Diesel market points down post-election; benchmark slides

Oil markets have often reacted with strong downward moves whenever there has been a suggestion that all-out peace or at least an easing of Middle East tensions was at hand.

That has never been more true than in the days since the Democratic victories on Election Day. And it has now shown up in the benchmark diesel price used for most fuel surcharges.

The Department of Energy/Energy Information Administration’s average weekly retail price fell 16.5 cents/gallon to $6.127/g, effective Monday but published Tuesday.

It’s the second consecutive week of a decline, and it takes the price to its lowest level since October 12. That isn’t all that long ago, but neither is the highest price in the history of the series. That was recorded September 22, just seven weeks ago, when it reached $6.529/g.

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