Diesel prices in the U.S. market rose for the first time in two months

After falling for 62 consecutive days in U.
S.
diesel prices, diesel prices rose on Tuesday night, ending the longest losing streak in two years as farmers hoarded fuel
during the harvest season, Oil Price Network reported Aug.
24.

According to AAA, the national average price of diesel has climbed to $4.
977 a gallon, the first increase
since reaching a peak of $5.
816 in mid-June.
However, considering that diesel futures contracts have risen by more than 20% in just over two weeks, the latest shift in oil prices is not surprising
.

Owners of gasoline-powered cars were more fortunate, with gasoline prices falling for 71 straight days to $3.
883 a gallon, the second-longest decline
in nearly 20 years.
But while high gasoline prices have been the focus of the administration, it is diesel that is actually driving the U.
S.
economy
.
Therefore, if diesel prices continue to climb, rising diesel prices will lead to higher transportation costs and ultimately affect consumer goods, which is a big risk
.

Agricultural demand has propelled Tulsa, Oklahoma, to become the most expensive wholesale diesel center in the United States, even surpassing places like Los Angeles and New York, and Midwestern farmers have seen a significant increase in the price they pay for diesel
, according to data compiled by Bloomberg.
Readers should also remember that U.
S.
consumers are also competing with overseas buyers for diesel, as global demand for diesel remains high
.
In fact, U.
S.
refineries have been exporting large amounts of diesel to buyers in Europe and Latin America who are trying to wean themselves off the energy commodities
of capacity-producing powerhouses.

The situation could get worse
as upcoming refinery maintenance could further deplete current low inventories and prices come under upward pressure.
U.
S.
distillate stocks, including diesel, are already at their lowest level in more than two decades at this time of year
, according to government data.