The standard diesel price rose despite a significant drop in futures prices. The Department of Energy/Energy Information Administration reported a 4.7 cents per gallon increase to $3.639, marking the third consecutive weekly rise and a total of 9 cents added over recent weeks. This price increase is notable given the recent overall decline in asset classes like stocks, cryptocurrencies, and the dollar, impacting oil, diesel, and gasoline futures markets.

The retail price surge reflects a previous surge in ultra low sulfur diesel (ULSD) prices on the CME commodity exchange, followed by a recent decline. Oil markets showed a slight rebound midday Tuesday with ULSD up by over 1% at 12:15 p.m. The changing oil market dynamics, including the decision by OPEC+ to proceed with planned production increases despite price drops, suggest longer-term strategic considerations.