Down, down, down, down, down. Prices will go down all week and get to $1.37 by the weekend. CORRECT on the main question — no price hike last week. Prices didn’t drop as much as I thought, though, and stayed in the $1.40’s around GR.
Month: April 2003
Futures prices rose sharply last Thursday in anticipation of this Thursday’s emergency OPEC meeting, and my calculations indicate the floor for gas prices this week is $1.40. At some places right now, the price is $1.47. I predict prices will fall for another day or two, to around $1.42, and then a price hike this week to about $1.61. At some places around time, prices fell to $1.40. Then on Thursday, prices reset everywhere to $1.55, a little less than I expected, but I was pretty much CORRECT.
Although volatile, futures prices ended last week about where they began. Retail prices seem to have caught up finally, as I see the low end of gas prices to be about $1.30 right now. (However, looking at the numbers the past six months, I see that I need to recalibrate my formulas, which I will do after the semester is over.) Prices could drop to $1.30, or they could throw a price hike to $1.50 at us on Tuesday or Wednesday. So, no prediction this week, but be on the lookout for any strange price movements, either up or down. I don’t think I was hallucinating when I saw $1.52 at an Admiral station on Alpine on Wednesday, but it wasn’t until Thursday that prices rose to about $1.55. Seems like I’ve been about 5 cents off for a while now.
Looks like the end is in sight in Baghdad — at least that’s what the markets are telling us. Futures markets late last week were already predicting a big drop is gas prices, so watch for it this week, with prices below $1.40. We started seeing prices below $1.40 by the weekend, so the prediction was CORRECT.