The Energy Information Agency (EIA) recently reported that U.S. crude oil production in 2017 averaged 9.3 million barrels per day, and the annual average price for crude oil was around $54 per barrel. For January 2018, EIA reported that oil production went up to 10.2 million barrels per day.
The U.S. Department of Agriculture’s weekly “Grain Transportation Report" noted that both crude and diesel prices experienced some weather-related price support as colder-than normal temperatures affected much of the U.S. in the first half of the month.
USDA reported that on Jan. 26, ultra-low sulfur diesel reached its highest price since February 2015.
While data for the week ending Feb. 12 showed that average diesel fuel prices decreased 2 cents from the previous week to $3.06/gal., USDA said this was still 50 cents higher than the same week last year.