Crude Oil Summary
October 5, 2011 (Des Moines, Iowa) – Global crude oil prices continued to decline for a fourth consecutive week with West Texas Intermediate (WTI) crude closing at $75.67 down another $8.78 relative to last week. The Tuesday close for WTI represents a fall of nearly $11 per barrel in the past month.
Brent crude oil fell by and additional $7.70 week over week, ending on Tuesday at $101.84. This is down by $14.08 from one month ago values falling in tandem with WTI crude..
Motor Fuels
As of Tuesday, October 4, the price of regular unleaded gasoline averaged $3.37 across Iowa according to AAA. The mid-grade 10 percent ethanol blended fuel averaged $3.28, down another 11 cents from just one week ago, and 31 cents from one month ago. Iowa gasoline prices during the past week slipped to $.03 under the nation average of $3.40 for regular unleaded gasoline.
Retail diesel fuel prices in Iowa seemed to finally succumb to the downward pressure of other fuels in falling by 5 cents per gallon on average to $3.71. Diesel fuel is now down $.13 from one month ago values, but remains $.74 above one year ago average prices.
Heating Fuels
Heating fuels also felt the downward pressure of the energy markets with home heating oil falling $.11 on average across Iowa ending at $3.32 per gallon. Propane held steady from last month at $1.90 /MMbtu. Natural Gas prices in Iowa fell significantly for the week closing $.34 down compared to just one week ago. Natural gas is now down over 50 cents/MMbtu from one month ago values.
Tips for saving energy on the road or at home are available at www.energysavers.gov and at www.fueleconomy.gov. Weekly and monthly fuel reports will soon be available on the Departments website at www.iowaagriculture.gov.
