The benchmark diesel price has finally increased after eight weeks of declines. The Department of Energy/Energy Information Administration average weekly retail diesel price jumped 7.1 cents/gallon to $3.53/g. This rise follows a recent high price of $3.868/g on November 17. The price of ultra low sulfur diesel (ULSD) on the CME commodity exchange also saw an increase, settling at $2.3385/g on Tuesday, the highest since December 5. The price continued to rise on Wednesday, reaching $2.4216/g at 11 a.m. due in part to production slowdowns in Kazakhstan. Kazakhstan’s output has been affected by electric power issues, with output expected to be down for another 7-10 days.

The International Energy Agency released a monthly report highlighting bearish fundamentals in oil markets. Despite a forecast surplus of supply relative to demand for 2026, recent geopolitical tensions and production issues in Kazakhstan caused Brent to settle at $64.92/b on Tuesday, up from a low of $59.96/b. The IEA forecast for 2026 shows global oil demand growing 930,000 b/d, while supply growth is estimated at 2.5 million b/d. This imbalance is reflected in growing inventories, which have increased at a rate of about 1.3 million b/d over the year.

Read more at Yahoo Finance: Benchmark diesel price rises after eight weeks of declines