DES MOINES – Crude oil prices fell this week reflecting a lack of direction for the commodity. The prior week had shown an increase of $8.30 per barrel, closing at $87.66 and Brent crude oil had spiked $9.70, closing at $99.89. This week however, both products moved lower once again. The full report is attached.
Crude Oil Summary
The price of global crude oil showed a significant drop this week on the West Texas Intermediate (WTI) falling $3.75 per barrel over last week, closing at $83.91. Brent crude closed a modest $.74 lower to close at $99.15 on Tuesday.
One year ago WTI crude sold for $97.43 and Brent crude was at $117.35.
Motor Fuels
As of Tuesday, July 10, the price of regular unleaded gasoline averaged $3.39 across Iowa according to AAA. This is a slight increase over the previous week by $.05 but down $.24 compared to one year ago. The national average on Tuesday was $3.38, putting Iowa’s average price on par with the rest of the nation.
Retail diesel fuel prices in Iowa were up .04 with a statewide average of $3.61. One year ago diesel prices averaged $3.85 in Iowa. The current Iowa diesel average is $.07 per gallon lower than the national average of $3.68.
Wholesale ethanol prices were up $.12 this week, closing at $2.47. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.31 per gallon, up $.05 from last week’s price and down $.24 compared to one year ago.
Heating Fuels
Natural Gas prices in Iowa rose $.06 over last week’s report, ending the week at $2.86 / MMbtu. Home heating oil and propane price changes will be reflected in next week’s report.
