Comment on the November 18 prediction: In Indiana and Ohio, I was CORRECT, as prices rose, but in Michigan, we had to wait to Friday … and my predictions are supposed to be for Michigan. So, WRONG.
Monday, November 25, 2013, 6:30PM: Wholesale prices spiked a bit last week, leading to hikes across the board. Now they are backing off, so there is a decent gap between retail prices and the cost to dealers. This should lead to regular downward pressure on prices throughout this holiday week. So, no rush to fill up. –Ed Aboufadel
Comment on the November 11 prediction: Prices did rise the next day (CORRECT), but only to $3.35 (a bit WRONG).
Monday, November 18, 2013, 8:00PM: Retail prices have been dropping like a rock, but wholesale prices have not, setting a price hike this week. With prices as low as $3.03 in Rockford, we are looking at a hike coming on Tuesday or Wednesday, maybe back to $3.35. Cross our fingers, though, that a hike this week will lead to no hike during Thanksgiving week.
In Gas Game alumni news, former GG writer Patrick DeHaan was interviewed recently by CBS Chicago, providing a nice explanation of cyclical pricing in the Great Lakes region. –Ed Aboufadel
Comment on the October 28 prediction: A perfectly CORRECT prediction, as prices rose the next day to $3.45.
Monday, November 11, 2013, 6:30PM: It has been a lovely run the past few weeks, and while I hoped we would see $2.999 in Grand Rapids this week, the latest numbers suggest otherwise. With jumps in wholesale prices the past few days, I’m calculating a cost to retailers of about $3.08 a gallon. The cheapest gas in the Grand Rapids area is even less, at $3.05 in Sparta, and that’s our trigger for a price hike. I’m expecting a jump tomorrow or Wednesday, back to the neighborhood of $3.45. –Ed Aboufadel
Comment on the October 23 prediction: We only got down to $3.09 on Alpine, which means I was a bit too optimistic, and WRONG.
Monday, October 28, 2013, 7:00PM: Wholesale gas prices have jumped 17 cents since last Wednesday (thank you, refinery fire), and we are at the point where the retail price is pretty much the same as the price retailers are paying to fill their own tanks. So, we are getting the trick instead of the treat, on Tuesday or Wednesday. Estimated new price: $3.45 a gallon. –Ed Aboufadel
Wednesday, October 23, 2013, 7:00PM: Oil and gas futures and wholesale prices falling like rocks. I don’t know why (especially with stocks near all-time highs), but I am not going to complain. I think we are going to see $2.999 somewhere near Grand Rapids by Sunday. –Ed Aboufadel
Comment on the September 29 prediction: No hike the first week of October, as predicted. CORRECT.
Monday, October 14, 2013: 7:30PM: We had a price hike last Monday, and another one this Monday, with a new price of $3.59. I didn’t predict these (color me WRONG) because the NYMEX numbers I am using right now (to estimate the price to retailers) have been eerily steady since mid-September. To give you some value on the blog, here’s a link to an article I read last week interviewing Dan Dicker, a veteran oil trader. The interview backs up what we have been writing for years, how energy prices have been hijacked by traders and speculators. Sample quote: “Now, the growth in volume [of trading energy futures] … is the growth of those players who have absolutely zero physical interest in oil; they don’t care how it is used. … WTI [West Texas Intermediate oil price] has lost entirely its connection with global crude oil.”