Futures did jump again on Friday, so it is time to re-evaluate. On June 1, retailers had to be selling the reformulated gas. Refiners had to start making it on May 1. In retrospect, this was adding 4 cents a gallon during May, and now 10 cents a gallon. This is the “Chicago Summer Premimum”. So, in my calculations, I am back to using the 20-cent maximum margin for retailers and, through the end of September, a 10-cent add-on for the summer. That would make the 20-cent margin price today $1.68, and the 0-cent margin price $1.47. Prices are in the $1.55-$1.60 range today, so there isn’t an obvious prediction, but I’ll make one regardless: price hike on Wednesday or Thursday to $1.69. Thursday morning, prices jumped to $1.68, so the prediction was CORRECT. Although I was at work, I saw the price hike at the Speedway web site (see link above).
- RT @GasBuddyGuy: Back in #Chicago: $3 gas. We didn’t miss you. Up from $2.97 this morning and likely to climb further. 😡 https://t.co/7dGqA… 07:11:31 PM April 18, 2018 from Twitter Web Client
- RT @GasBuddyGuy: $5 GAS... is back in Essex, CA at two stations today, as crude oil prices continue to race higher and gasoline demand that… 07:11:23 PM April 18, 2018 from Twitter Web Client
- RT @FamilyExpress: #GasPriceForecast: Fuel prices are likely to increase over the next 12-24 hours throughout our service areas. Fill up wh… 07:11:10 PM April 18, 2018 from Twitter Web Client
Why We Are Here
Ed A.: ab...@gvsu.edu
Craig P.: cr...@paull.net
Tim S.: ts...@gmail.com
Bill E.: pa...@yahoo.com
The name of the site is based off an essay Ed wrote for the Grand Rapids Press titled "The Gas Game". The current website was established later by Patrick DeHaan after he and Ed predicted gas price hikes on GasBuddy's website GrandRapidsGasPrices.com, as well as Ed’s personal web page.
Note: To be precise, add 9/10 of a cent to all prices described on this web page.
AXXIS capacity Chicago Premium competition contracts demand diesel DOE dollar expansion fire fudge factor futures gasoline gas prices gouging Hurricane indiana inventories maintenance margin market no prediction NYMEX Ohio oil PADD prediction price hike prices fall production profit refineries refinery refinery utilization report retailer shutdown Speedway stockpiles storage tv utilization wholesale prices WOOD