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Diesel prices see a significant decline due to weakening spot market differentials and reduced oil exports from Russia and Saudi Arabia. Amidst China's shrinking oil demand and economic challenges, the global oil market faces a period of uncertainty.
The benchmark price of diesel used for most fuel surcharges has declined for the 20th time in 22 weeks, reaching its lowest point since January 2022. Factors behind the price decline include weakening spot market differentials and reduced oil supplies from major exporters like Russia and Saudi Arabia.
Global Crude Oil Market Faces Uncertainty
Despite predictions of a tight oil market balance, leading suppliers are cutting their output as demand from China fails to meet expectations. The current weak economic conditions in China, partly due to the real estate market collapse, are causing a potential decrease in oil consumption. Such developments, along with inflation concerns, may influence global crude and product prices.
Source: FreightWaves
You have to go back to the price of January 17, 2022 to find a DOE/EIA average retail #diesel price this low. pic.twitter.com/nFMH1bCBAb
— John Kingston (@JohnHKingston) July 3, 2023
National average diesel price rises for the third week, up by 43.3¢ since July 17. Diesel now 75.4¢ cheaper than the same period in 2022.
The national average diesel price sees a dramatic increase, soaring by 22.2 cents to hit $4.127 per gallon.
Diesel prices surge 9.9¢ in a week, hitting $3.905 a gallon, marking the largest increase since March 2022.
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