Trucking news and briefs for Wednesday, Feb. 14, 2024:
After falling to the lowest national average since July during the week ending Jan. 8, diesel prices have slowly been climbing until the most recent week ending Feb. 12, according to the Energy Information Administration’s latest report. Meanwhile, as if to add insult to injury in the spot market, rates overall have been falling since spiking with winter weather mid-last month.
Diesel’s national average fell to $3.83 during the first full week of the year, then climbed to $3.90 by Feb. 5. During the most recent week, however, prices spiked by 21 cents to rise back above $4 a gallon for the first time since early December.
The U.S.’ national average for a gallon of on-highway diesel is now $4.11 -- the highest since the week ending Nov. 27 when diesel averaged $4.15 a gallon.
The increase during the most recent week was driven by a 30.4-cent increase in the Midwest region, a 21.4-cent increase in the Lower Atlantic region, a 21-cent increase in the West Coast less California region. New England and the Central Atlantic regions were the least impacted by increases last week, with 2.6-cent and 4.2-cent increases, respectively.
Spot rates ought to be adjusting to the diesel spikes this week, though last week brokers and shippers gained with further slumping averages.
