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For Immediate Release
Wednesday, July 11, 2012

Harold Hommes, (515) 282-6237
Harold.Hommes@IowaAgriculture.gov
Dustin Vande Hoef, 515-281-3375
Dustin.VandeHoef@IowaAgriculture.gov
 
 

 

CRUDE OIL PRICES RETREAT

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.

 FULL REPORT

Tips for saving energy on the road or at home are available at www.energysavers.gov and at www.fueleconomy.gov.  

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