VLO - Diesel Takes Another Hit and May be Driving Down Broader Oil Market | Benzinga
The Department of Energy/Energy Information Administration average weekly retail diesel price fell 4.6 cents Monday to $3.848 a gallon. The five consecutive declines have taken that price down 21.3 cents a gallon during, and the price is now at a level not seen since the end of January.
Whatever impact that oil markets may have felt from the conflict in Gaza, the Iran-Israel back-and-forth and the diversions of shipping away from the Red Sea (which may have faded from the news but continue) are apparently having no impact on oil prices. A reaction to those developments would tend to be macro in nature and would generally impact crude more than products.
But market weakness continues to show up in products markets, including diesel. And diesel in particular is getting a great deal of focus of late.
Diesel is increasingly being viewed as one of the primary reasons for the gradual fall in oil markets that has been occurring since early to mid-April. Whereas a few months ago, the rising price of oil was primarily attributed to a tight market for gasoline, the more recent weakness in oil overall ...