The benchmark diesel price used for fuel surcharges dropped over 4 cents/gallon for the third week in a row, aligning with futures prices. The average weekly retail diesel price fell 4.5 cts/g to $4.62/g, marking a three-week 13.4 cts/g decline, the lowest price since June 16.

Despite trading in a narrow range, ultra low sulfur diesel (ULSD) futures have seen a significant downtrend, with Monday’s settlement at $2.1921/gallon, below recent highs. The ULSD price continued to decline on Tuesday, reflecting fears of an oil market glut despite stable equity markets.

The global crude benchmark Brent settlement price hit a low of $61.01, the lowest since May 5, as fears of an oil market glut persist. The imbalance could become more apparent in the crude market, with Brent settling lower than it has since March 2021 on Monday.

Read more at Yahoo Finance: Benchmark diesel price down more than 13 cts/g in three weeks