Benchmark diesel up again, but by smallest amount in weeks

Price Trends - The benchmark diesel price for fuel surcharges has risen for the 11th consecutive week, increasing by 2.6 cents/gallon to $5.401/g, which is significantly lower than the increases seen in the previous three weeks [1] - The current ULSD price is $1.942/g higher than the price of $3.459/g recorded on January 12, marking the last price before the recent increase began [2] - The current price of $5.401/g is the highest since November 28, 2022, and follows a trend where prices exceeded $5/g for 32 weeks in 2022 after Russia's invasion of Ukraine [3] Market Dynamics - The price for ULSD on the CME settled at $4.3643/g, equivalent to approximately $183.30/b, with a recent high settlement of $4.6084/g translating to $193.55/b [4] - The market is currently in backwardation, indicating that the highest-priced barrels are for immediate delivery, which is typical in tight markets [6] - Spot physical prices for diesel, which fuel suppliers use to set wholesale prices, will likely be higher than the May ULSD price on the CME [6][7]