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Diesel hits a record as fuel costs raise a freight inflation test for bitcoin
US on-highway diesel rose to $6.529 a gallon on Sept. 21, while distillate stocks fell to 107.431 million barrels in the week ended Sept. 18, tightening the fuel buffer behind freight cost pressures.
Cryptocurrency investors tracking freight cost inflation risk are looking to upcoming price reports after US on-highway diesel climbed to $6.529 a gallon on Sept. 21, according to Energy Information Administration data cited by CryptoSlate. The figure was up 24.4 cents for the week.
CryptoSlate reports the EIA described the prior Sept. 14 diesel level as a nominal record, and the new reading marks another nominal high, without adjusting for inflation. The outlet said the fuel buffer narrowed as US distillate stocks fell to 107.431 million barrels in the week ended Sept. 18, down from 107.859 million barrels a week earlier.
The EIA data cited by CryptoSlate links the diesel surge to tight global distillate supply and elevated crude prices, noting that diesel powers freight movement. CryptoSlate said the extent to which higher fuel costs feed through to shipping expenses depends on contracts, competition, and how long the fuel squeeze lasts.
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