Crude Oil Prices Show Significant Drop

By CnAgri2012-06-28 19:55:06 Print

Crude oil had a significant drop this week, closing at $79.36, a $4.67 decline over last week's price on the West Texas Intermediate. Brent crude oil also fell, closing $4.95 lower at $90.19 per barrel.

Crude Oil Summary -- The price of global crude oil had a significant drop this week on the West Texas Intermediate (WTI) falling $4.67 per barrel over last week, closing at $79.36.

Brent crude oil also fell in price this week, finishing at $90.19 per barrel on Tuesday's close, down $4.95 from the previous week.

One year ago WTI crude sold for $90.61 and Brent crude was at $104.57.

Motor Fuels -- As of Tuesday, the price of regular unleaded gasoline averaged $3.43 across Iowa according to AAA. This is a decrease over the previous week of $.06 and down $.07 compared to one year ago. The national average on Tuesday was $3.38, down $.11 from last week's price.

Retail diesel fuel prices in Iowa were down $.05 on the Tuesday report with a statewide average of $3.58. One year ago diesel prices averaged $3.85 in Iowa. The current Iowa diesel average is $.11 per gallon lower than the national average of $3.69.

Wholesale ethanol prices were up $.08 this week, closing at $2.19. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.35 per gallon, down $.06 from last week's price and down $.07 compared to one year ago.

Heating Fuels -- Natural Gas prices in Iowa rose $.11 over last week's report, ending the week at $2.70 / MMbtu.