Trucking’s main fuel drops

Third week of declines cuts against expectations that trucking’s main fuel prices would surge higher because of low inventories. But supplies of the fuel now are up on weaker-than-normal demand, so that pressure point seems to have abated. The U.S. average price for diesel fuel has dropped for the third week in a row, defying expectations that trucking’s main fuel would surge on fall-to-winter inventories that dipped recently to a nationwide supply of less than a month.

Trucking’s main fuel drops

The price of diesel has fallen 17.2 cents in the past two weeks. Now new signs have emerged that the past weeks of weaker demand for the fuel have started to rebuild diesel inventories and ease fears that supply shortages will drive prices back up. Trucking is clearly concerned about fuel prices, various sectors more so (small fleets and owner-operators) than others (larger fleets have more access to fuel surcharges and bulk discounts on diesel). For now, trucking’s main fuel is down in every region of the U.S. The Midwest, where diesel dropped 12.3 cents to $5.108 per gallon. Plus, the price of crude is starting to hover below $80 per barrel, which is its lowest in many weeks, another indicator that price pressure might be easing for now. Gas has fallen in price faster than diesel, widening the gulf between the fuels.

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