DES MOINES – One of the most significant price declines of the season is reflected in May figures as heating oil fell to $3.46, down $.16 since the April report, and propane fell $.17 for the same period, for a survey average of $1.56.
Crude Oil Summary
The price of global crude oil fell this week on the West Texas Intermediate (WTI) by $3.03 per barrel over last week, closing at $93.98.
Brent crude oil rose in price this week, finishing at $111.40 per barrel on Tuesday’s close, up $.92 from the previous week.
One year ago WTI crude sold for $96.91 and Brent crude was at $113.72.
Motor Fuels
As of Tuesday, May 15th, the price of regular unleaded gasoline averaged $3.53 across Iowa according to AAA. This is down $.04 as compared to last week and down $.42 from one year ago. The national average on Tuesday was $3.73, down $.02 from last week’s price.
Retail diesel fuel prices in Iowa were down $.04 on the Tuesday report with a statewide average of $3.90. One year ago diesel prices averaged $4.04 in Iowa. The current Iowa diesel average is $.13 per gallon lower than the national average of $4.03.
Wholesale ethanol prices dropped $.08 this week, closing at $2.13. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.44 per gallon, down $.04 from last week’s price and down $.23 from one year ago.
Heating Fuels
Propane prices dropped $.17 from mid-April figures with a statewide average of $1.56 per gallon. Home heating oil dropped $.16 from mid-April figures, ending with a statewide average of $3.46 per gallon. Natural Gas prices in Iowa rose $.13 from last week’s report, ending the week at $2.40 / MMbtu.
