Price Trends - The benchmark price for diesel has increased for the fourth consecutive week, rising by 3.1 cents per gallon to $3.868 per gallon, marking a total increase of 24.8 cents per gallon over the last four weeks, reaching levels not seen since early July 2024 [1] - The average weekly gasoline price has seen a significant spread, with the price on August 4 being 76.4 cents per gallon lower than diesel, which has now widened to 92.9 cents per gallon [2] Oil Supply and Demand - Overall oil prices have risen despite a bearish supply/demand scenario outlined in the International Energy Agency (IEA) report, which does not forecast prices but provides insights into global petroleum supply and demand [3] - The IEA reported a notable decline in global petroleum supply in October, dropping by 440,000 barrels per day, resulting in a total supply of 108.2 million barrels per day [4] - For 2025, the IEA expects total demand to average 103.9 million barrels per day, with a peak of 105 million barrels per day in the third quarter and 104.8 million barrels per day in the fourth quarter [5] Future Projections - Looking ahead, the IEA estimates a full-year average demand of 104.7 million barrels per day for next year, with peak demand projected at 105.7 million barrels per day for both the third and fourth quarters [6] - Global observed oil inventories increased by 77.7 million barrels per day in September, the highest level since July 2021, with a total increase of 313 million barrels or an average of 1.15 million barrels per day over the first nine months of the year [7]