Diesel, Gasoline Retail Prices Spike in Historic Leaps, but Futures of Crude Oil WTI & Gasoline Plunge: Go Figure

by Wolf Richter
Wolf Street

Average diesel spikes to $5.25. Neck-breaker volatility in opposite directions in an unsettled market.

People are painfully aware of what happened to gasoline prices at the pump over the past two weeks, but what happened to diesel prices is even more astounding.

The average retail price of No. 2 highway diesel – to be passed on in the costs of everything that arrives at the house, office, store, construction site, or manufacturing plant – has been rising since November 2020, and on Monday jumped to a record $5.25 a gallon, the US Energy Department’s EIA reported late Monday, based on its surveys of gas stations conducted during the day. And this comes after the prior week’s spike.

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