Diesel prices increased overnight, ending the longest streak in two years after an amazing record that saw U.S. diesel prices decline for 62 straight days. This change was made possible by farmers hoarding gasoline for use during the harvest season. According to AAA data, diesel prices have increased to $4.977 per gallon for the first time since they peaked at $5.816 in mid-June.
However, given that diesel futures contracts have increased by more than 20% in just over two weeks, the most recent turnaround in pump prices shouldn’t come as a huge surprise. Inventories of distillates in the United States, including diesel, are currently at their lowest levels for this time of year in more than 20 years, according to official data.
