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Crude Tests New Lows

DES MOINES – After a short rebound crude oil is again testing new lows.  West Texas Intermediate (WTI) closed on Wednesday at $34.02 after dipping as low as $33.77.  Brent is now trading at near par to WTI at $34.29.

Crude Oil Summary

The price of global crude oil fell this week on the West Texas Intermediate (WTI) by $2.55 per barrel over last week, currently priced at $34.02. Brent crude oil fell $2.10, and is currently priced at $34.29 only a $.27 premium to WTI. One year ago WTI crude sold for $47.93 and Brent crude was at $50.12.

Motor Fuels

As of Tuesday, December 29th, the price of regular unleaded gasoline averaged $1.92 across Iowa according to AAA.  This is unchanged from one week ago and $.10 lower than one year ago.  The national average on Tuesday was again $2.00, also unchanged from last week. 

Retail diesel fuel prices in Iowa were $.04 lower on the Tuesday report with a statewide average of $2.07.   One year ago diesel prices averaged $2.91 in Iowa.   The current Iowa diesel average is $.17 per gallon lower than the national average of $2.24.

Wholesale ethanol prices were $.09 lower this week, closing at $1.31.  The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $2.04 per gallon, down a penny from last week’s price but is $.03 higher than one year ago.  

The current Des Moines Terminal/Rack Prices are $1.16 for U87-E10, $1.30 for Unleaded 87 (clear), ULSD#2 is at $1.14, ULSD#1 is at $1.38, and E-70 is priced at $1.39 per gallon.

Heating Fuels

Propane prices were unchanged from last week with a statewide average of $1.01 per gallon.  Home heating oil fell $.01 from last week’s figures, ending with a statewide average of $1.56.  Natural Gas prices were $.24 higher at the Henry Hub reporting site and ended the week at $2.32 / MMbtu. 

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