Petroleum And Petroleum Product Prices

Menzie Chinn
By Menzie Chinn of Econbrowser
Professor of Public Affairs and Economics at the University of Wisconsin •

Brent crude futures are surging toward $100 per barrel, signaling a sharp rise in global energy costs. Expect diesel prices to climb roughly 8% to $5.91 if current petroleum benchmarks maintain their upward momentum.

Source: DepositPhotos

Data through 9/7 from the EIA:

Source: EIA via FRED. Black + denotes November Brent futures as of 9/9/2026, 2pm CT.

The black “+” above is the near month futures price. Cash as of today is $97.87. Regardless of how you take it, the price is up.

NYMEX futures as of 2pm CT, at $101.47/bbl.

If Brent settles at $100/bbl in September (a 9.8% increase over August), then expect diesel to increase by about 8%, from $5.46 to $5.91 (using elasticity in changes of about 0.84, relevant over the last 5 months).

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