Diesel Price Rises Amid Plummeting Futures

The Department of Energy/Energy Information Administration reported that the average weekly retail diesel price rose 17.9 cents per gallon to $5.313/g, marking its third consecutive week of increase.

Despite this rise, futures prices are down, with Brent crude falling by $8.42/barrel on Monday, settling at $88.36/b.

The gap between Brent and diesel prices has widened, with the spread exceeding 2 dollars per gallon, a record not seen in recent history.

This discrepancy is attributed to various factors, including the loss of refining capacity in the Middle East due to attacks on facilities and the ban on diesel exports by Russia following drone strikes on its refineries.