No time for commentary, and my Gas Game buddies have already posted this on Facebook, but prices look to go up Thursday morning, probably to $3.09 in Michigan. Fill up! -EA
Comment on the August 18 prediction: Absolutely CORRECT, as prices rose to $2.99 on 8/22 in Michigan.
Monday, September 3, 2018, 8AM: Our current pattern continues — wholesale prices remain relatively stable, we get a price hike followed by a week or two of slipping prices, and then a hike again. Since the last price reset on August 22, retail prices have been working their way into the $2.70’s, while wholesale prices have had a small rise. We are ready to see $3.09 again, maybe as soon as Tuesday. So, use Labor Day to fill up! -EA
Comment on the August 6 prediction: Absolutely CORRECT, as prices rose on the 7th.
Saturday, August 18, 2018, 5PM: Since our last posting, oil prices have dropped about 5%, and so have wholesale gas prices, dropping our hike worry line about 10 cents. With prices in the $2.60’s in parts of Grand Rapids, that would put us in price hike territory. But, oddly, the stations that I track along Lake Michigan Drive are still above $2.90. In the end, I think we do see a reset this week, to $2.99, but it might not be until Thursday. -EA
Comment on the July 22 prediction: Kind of CORRECT, as prices rose, but they went all the way to $3.09.
Monday, August 6, 2018, 9PM: A snoozefest lately in the energy markets, but the numbers look almost the same as they did before the last Michigan hike on July 24. Estimated price to retailers is about $2.88, while retail prices are lower, sometimes in the $2.70’s. That strongly suggests we are going back to $3.09 again, either Tuesday or Wednesday. -EA
Comment on the July 7 prediction: CORRECT, as prices rose to $3.09 on July 10.
Sunday, July 22, 2018, 9AM: Since July 10, we’ve seen the kind of price reset DOWN that we treasure, with prices at $2.69 or lower in several areas of Grand Rapids this morning. So, what’s happening this month? Oil prices dropped 8% and NYMEX gas followed with a 16 cent drop. In fact, other commodities have been weak, too, such as gold. All this is probably connected to a strengthening dollar and higher interest rates.
So, what’s the plan for gasoline this coming week? Think of $2.69 as a clearance sale price by the retailers, and the moment that we get an uptick in wholesale prices, retail will follow with a price hike. That should happen this week, and it looks like $2.99 could be the new price. -EA
Comment on the July 1 prediction: Despite higher oil prices, gas prices stayed below $3, so I was WRONG.
Saturday, July 7, 2018, 9AM: Wholesale prices have been steady, while retail prices have slowly slid lower, and we are getting close to price-hike territory. Price drops of another eight cents or so will trigger it, and I expect we’ll be there by Tuesday morning. Probably back to $3.09. -EA