DES MOINES – Wholesale ethanol prices rose significantly, up $.22, closing at $2.69 for the week. Crude oil prices continued their up-and-down trend –up, increasing by over $5.00 per barrel this week.
Crude Oil Summary
The price of global crude oil spiked this week on the West Texas Intermediate (WTI) by $5.31 per barrel over last week, closing at $89.22.
Brent crude oil also rose substantially in price this week, finishing at $104.21 per barrel on Tuesday’s close, up $5.06 from the previous week.
One year ago WTI crude sold for $97.50 and Brent crude was at $113.74.
Motor Fuels
As of Tuesday, July 17th, the price of regular unleaded gasoline averaged $3.42 across Iowa according to AAA. This is $.03 higher as compared to last week and down $.22 from one year ago. The national average on Tuesday was $3.43, up $.05 from last week’s price.
Retail diesel fuel prices in Iowa were up $.02 on the Tuesday report with a statewide average of $3.63. One year ago diesel prices averaged $3.88 in Iowa. The current Iowa diesel average is $.07 per gallon lower than the national average of $3.70.
Wholesale ethanol prices rose significantly this week, up $.22, closing at $2.69. Additionally, this price reflects a nearly 30% increase (61 cents) over the last two weeks . The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.34 per gallon, up $.03 from last week’s price and down $.22 from one year ago.
Heating Fuels
Propane prices dropped $.10 from mid-June figures with a statewide average of $1.32 per gallon. Home heating oil rose $.08 from mid-June figures, ending with a statewide average of $3.32 per gallon. Natural Gas prices in Iowa fell $.03 from last week’s report, ending the week at $2.83 / MMbtu.
