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Falling diesel prices Could Help Keep Inflation in Check

OIL PRODUCTS

US diesel prices have fallen to their lowest level since Feb. 2022, prior to Russia’s invasion of Ukraine, according to GasBuddy’s Patrick De Haan via X.

  • The average price of retail diesel in the US has fallen to $3.791/gal, the lowest since Feb. 6, 2022.
  • “A lot of things have gone right for this to happen. Ultimately though diesel prices bottom in the summer whereas gasoline bottoms in winter,” De Haan said.
  • Increasing refinery runs have helped boost diesel stock levels, which rose again in the most recent EIA data.
  • Demand from industry has also likely been more muted, with data showing that US manufacturing activity softening in May.
  • The ISM manufacturing gauge for May was down 0.5 points to 48.7, the weakest in three months. Numbers below 50 show a contraction.
  • This points to a further softening diesel market which could help to curb inflation through the summer.
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