Since Tuesday’s price hike, wholesale prices have jumped more than 10 cents, if NYMEX is to be believed. That means another price hike is coming, if not today, then on Tuesday the 3rd, to at least $2.39 a gallon. A perfectly CORRECT prediction, as prices rose on Friday to $2.39. I don’t know if this prediction helped anyone though.
Month: December 2005
2:15PM: Retail prices went up last Wednesday, but then wholesale prices started heading down, by almost 12 cents. Retail prices should follow, what with the $2.39s and $2.35s all around town, still. So, I predict no price hike this week, and to those who observe, a Merry Christmas! There was no price hike before Christmas, so the prediction was CORRECT. There was a price hike on December 27 to $2.33.
10:30AM: I am planning to devote some time before the new year reflecting on how gas price behavior in 2005 was different than in previous years. Last week is a good example, as we got two price hikes — on Monday and on Friday. Before 2005, we never got a price hike on Friday. Then there’s the recent price behavior in Allendale — 20 cents cheaper here today, folks, than elsewhere!
Looking ahead to this week, wholesale prices have been trending up since November 29, and retail prices have followed. We’ll be watching this week to see if the trend up continues, as we know that the retailers are quick to hike prices when the wholesale trend is up. The numbers this morning are a 0-cent margin price of $2.14 and a 20-cent margin price of $2.35, but that could easily change. Wholesale prices rose by a nickle on the 12th, leading to a price hike to $2.39 on the 14th.
9:30AM: It was nice to see prices drop back to $2.09 along Lake Michigan Drive over the weekend, but I was worried about the continued rise in wholesale prices last week and this morning, so I was going to predict another price hike for Tuesday. But, according to grandrapidsgasprices.com, that price hike is happening NOW, with Speedway posting $2.29. After backing down to $2.19 by mid-week, on Friday we got another price hike to $2.35!
12:00PM: When I updated my spreadsheet this morning, I didn’t like what I was seeing, as wholesale prices had gone up sharply the last two days. I was going to post something about prices not going down this weekend, but had to run to a 3-hour meeting. By the time I got back, Speedway was showing $2.19, and I think the rest of the competition will follow. Darn.