Crude Oil Summary
Global crude oil prices continued to decline for the third consecutive week with West Texas Intermediate (WTI) crude closing at $84.45, down another $2.44 relative to last week. Despite the lower near term trend, this still represents an $8.29 per barrel premium over one year ago values for WTI crude.
Brent crude oil fell by $4.85 week over week, ending on Tuesday at $109.54. Brent crude mirrored WTI in trending downward for a third consecutive week.
As of Tuesday, September 27, the price of regular unleaded gasoline averaged $3.48 across Iowa according to AAA. The mid-grade 10 percent ethanol blended fuel averaged $3.38, down 12 cent from just one week ago, and 14 cents from one month ago. Iowa gasoline prices are currently nearly identical to the national average but they typically run below the national average.
Retail diesel fuel prices remained stubbornly high falling only four cents week over week ending at an average of $3.76 throughout the state. Year ago diesel fuel prices averaged $2.92 across Iowa.
Unlike crude and refined motor fuels, heating fuels seemed to find support in the near term. Natural Gas prices in Iowa rose modestly for the week ending at $3.92 per MMbtu an increase of $.10 for the week.
Propane prices for the month added a modest $.02 since the August report for Iowa. Heating oil prices were unchanged from the August report.
Tips for saving energy on the road or at home are available at www.energysavers.gov
Please note, the fuel price reporting responsibilities have moved to the Iowa Department of Agriculture and Land Stewardship from the Iowa Office of Energy Independence.