After reaching the lowest price seen in a decade last month, natural gas has now seen a sharp increase, closing at $2.29, a 31-cent jump from last week. Regular unleaded gasoline in Iowa was down $.04, averaging $3.61.
Crude Oil Summary
The price of global crude oil rose this week on the West Texas Intermediate (WTI) by $3.00 per barrel over last week, closing at $106.16.
Brent crude oil also rose in price this week, finishing at $119.57 per barrel on Tuesday’s close, up $1.83 from the previous week.
One year ago WTI crude sold for $111.05 and Brent crude was at $126.64.
As of Tuesday, May 1st, the price of regular unleaded gasoline averaged $3.61 across Iowa according to AAA. This is down $.04 as compared to last week and down $.28 from one year ago. The national average on Tuesday was $3.80, down $.04 from last week’s price.
Retail diesel fuel prices in Iowa held steady on the Tuesday report with a statewide average of $3.96. One year ago diesel prices averaged $4.09 in Iowa. The current Iowa diesel average is $.14 per gallon lower than the national average of $4.10.
Wholesale ethanol prices were up $.04 this week, closing at $2.21. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.53 per gallon, down $.04 from last week’s price and down $.28 from one year ago.
Natural Gas prices in Iowa spiked $.31 from last week’s report, ending the week at $2.29 / MMbtu.