Benchmark diesel up slightly as talk of an oil glut begins to fade

Group 1 - The benchmark diesel price has increased for four consecutive weeks, with the latest average retail price at $3.688 per gallon, reflecting a rise of 0.7 cents [1] - The price has climbed from $3.459 per gallon on January 12, which was the lowest since June, indicating a significant upward trend [2] - The price of ultra low sulfur diesel (ULSD) on the CME commodity exchange has seen fluctuations, with a recent settlement of $2.4169 per gallon after reaching a high of $2.47 per gallon [5] Group 2 - The global crude benchmark Brent has risen to $69.04 per barrel, an increase of $8.19 from the December 31 settlement of $60.85 [6] - Major forecasting agencies had predicted an oil glut for the year, citing increased output from OPEC and OPEC+ nations, but recent developments in oil prices have contradicted this narrative [7][8]