Core Insights - The benchmark diesel price has experienced its largest one-week decline in approximately two months, dropping 4.3 cents per gallon to $3.711 per gallon, marking the lowest price since August 25 [1] - The diesel price has remained within a tight range since mid-August, with a low of $3.708 per gallon and a high of $3.766 per gallon [2] - A recent decline in oil markets was followed by a slight rebound due to OPEC+ deciding not to increase oil output as much as expected [2] Price Movements - Ultra low sulfur diesel (ULSD) on the CME commodity exchange fell by about 19.25 cents per gallon in late September and early October, from a high of $2.4289 per gallon to a low of $2.2363 per gallon before rebounding [3] - As of Tuesday, ULSD was up 1.33 cents per gallon, reaching $2.2676 per gallon [3] OPEC+ Decisions - OPEC+ announced a planned increase in output by 137,000 barrels per day for November, consistent with the increase for October, which is viewed as slightly bullish for the market [4] - The smaller-than-expected output increase has led to speculation that OPEC+ may lack the capacity to increase supply further, which is considered bullish [5] Market Outlook - Long-term models suggest a potential glut in oil supply by 2026, although heavy Chinese buying has absorbed much of the excess supply anticipated for this year [5]