U.S. Benchmark Diesel Price Hits Record $6.529 as Futures Signal Possible Relief

  • The DOE/EIA diesel benchmark rose 24.4 cents to a record $6.529 a gallon, while AAA’s national average reached $6.52.
  • ULSD futures fell from a $5.262 September 15 record settlement to $4.7939, as Saudi pipeline repairs and possible improved Hormuz flows eased supply concerns.
  • Diesel exports from the Middle East and Russia fell 75% year over year in August, while U.S. export-ban proposals face warnings about global shortages and lower refinery output.

The Department of Energy/Energy Information Administration benchmark used for most fuel surcharges rose 24.4 cents to a record $6.529 a gallon, effective Monday and published Tuesday, while AAA’s national average reached $6.52. The DOE/EIA benchmark has climbed $1.951 since a $4.578 posting on July 6, as refining disruptions, reduced Middle Eastern and Russian diesel exports and geopolitical risks tighten supplies. Diesel futures moved lower, with ultra-low sulfur diesel falling from a September 15 record settlement of $5.262 to $4.7939 by about 9:25 a.m. Tuesday, amid reports of Saudi pipeline repairs, potentially improved flows through the Strait of Hormuz and possible U.S.-Iranian diplomacy. Diesel’s role in trucking, agriculture, construction, mining and shipping makes the price surge a broader inflation and interest-rate concern. Lawmakers and Louisiana Gov. Jeff Landry have backed a U.S. diesel-export ban, but analysts warn it could mainly lower Gulf Coast prices while worsening global shortages, reducing refinery production and raising costs elsewhere.

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