Wholesale Ethanol Prices Rise Significantly, Crude Oil Volatile

By CnAgri2012-07-19 19:24:10 Print

Wholesale ethanol prices rose significantly, up $.22, closing at $2.69 for the week. Crude oil prices continued their up-and-down trend--up, increasing by over $5.00 per barrel this week.

The price of global crude oil spiked this week on the West Texas Intermediate (WTI) by $5.31 per barrel over last week, closing at $89.22.

Brent crude oil also rose substantially in price this week, finishing at $104.21 per barrel on Tuesday's close, up $5.06 from the previous week.

One year ago WTI crude sold for $97.50 and Brent crude was at $113.74.

As of Tuesday, the price of regular unleaded gasoline averaged $3.42 across Iowa according to AAA. This is $.03 higher as compared to last week and down $.22 from one year ago. The national average on Tuesday was $3.43, up $.05 from last week's price.

Retail diesel fuel prices in Iowa were up $.02 on the Tuesday report with a statewide average of $3.63. One year ago diesel prices averaged $3.88 in Iowa. The current Iowa diesel average is $.07 per gallon lower than the national average of $3.70.

Wholesale ethanol prices rose significantly this week, up $.22, closing at $2.69. Additionally, this price reflects a nearly 30% increase (61 cents) over the last two weeks. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.34 per gallon, up $.03 from last week's price and down $.22 from one year ago.

Propane prices dropped $.10 from mid-June figures with a statewide average of $1.32 per gallon. Home heating oil rose $.08 from mid-June figures, ending with a statewide average of $3.32 per gallon. Natural Gas prices in Iowa fell $.03 from last week's report, ending the week at $2.83 / MMbtu.

Tips for saving energy on the road or at home are available at www.energysavers.gov and at www.fueleconomy.gov. Weekly and monthly fuel reports will soon be available on the Departments website at www.iowaagriculture.gov.