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.

 Motor Fuels

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.

 Heating Fuels

Natural Gas prices in Iowa spiked $.31 from last week’s report, ending the week at $2.29 / MMbtu.