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Crude Oil Down For Second Straight Week; Natural Gas Down
Posted 23 January, 2012
The
West Texas Intermediate showed crude oil prices down again this past
week, falling $1.53 to $100.71 per barrel. Unleaded gasoline
decreased $.01 in Iowa to $3.20 and the mid-grade blend with 10 percent
ethanol decreased $.02 to $3.12. A summary of the report follows,
the full report is attached:
Crude Oil Summary
The price of global crude oil went down this week with West Texas
Intermediate (WTI) $1.53 lower per barrel over last week, closing at
$100.71.
Brent crude oil fell sharply, finishing at $109.81 per barrel on Tuesday’s close, down $3.49 from the previous week.
One year ago WTI crude sold for $91.38 and Brent crude was at $97.83.
Motor Fuels
As of Tuesday, January 17th, the price of regular unleaded gasoline
averaged $3.20 across Iowa according to AAA. This is down a penny
as compared to last week and up $.12 from one year ago. The
national average on Tuesday was $3.38, up $.01 from last week’s
price.
Retail diesel fuel prices in Iowa were up a penny on the Tuesday report
with a statewide average of $3.76. One year ago diesel
prices averaged $3.35 in Iowa. The current Iowa diesel
average is $.11 per gallon lower than the national average of $3.87.
Wholesale ethanol prices were down $.12 from last week, closing at
$2.14. The price of Mid-Grade Blend in Iowa (10% ethanol) closed
at $3.12 per gallon, down $.02 from last week’s price and down $.12
from one year ago.
Heating Fuels
This week propane fell $.02 with a statewide average of $1.86 per
gallon. Home heating oil held steady, ending with a statewide
average of $3.39 per gallon. Natural Gas prices in Iowa dropped
$.49 ending the week at $2.47 / MMbtu. This is the
lowest cost for natural gas in over five years.
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