Yesterday, I signed up for Speedway’s “Speedy Rewards”. Am I moving to the dark side, or am I just a sucker for those frozen Pepsi’s? Maybe I’m just feeling good that they kept the price (barely) under $3, despite a strong run-up in wholesale prices last week. That run-up has turned around, as we have been expriencing extremely volatile commodity markets the past few days. For example, gas futures fell 12 cents a gallon yesterday. The volatility is proof that you have prices being knocked around by speculators. Long-term, this all averages out, as supply meets demand, but short-term, it can play havoc on gas pricing, and price predicting. Using last night’s closing prices, and averaging the HU and RB contracts, we get a 0-cent margin price of $2.70 and a 20-cent margin price of $2.91, and the cheapest gas at the moment is $2.83 in Allendale. So, I wouldn’t pay more than $2.89 a gallon today, even though the price is still $2.99 in a lot of places. It is not at all obvious how the rest of the week is going to play out. The futures markets went down with the stock market, so we got no price hike.
- Gonna fill up on Friday ... https://t.co/KIMPWnogqg 06:37:39 PM January 31, 2019 from Twitter Web Client
- Keeping prices stable ... https://t.co/KTeMTg7l2J 10:48:30 AM January 28, 2019 from Twitter Web Client
- A remarkable fourth quarter for energy ... https://t.co/ZxZ8lQrvPM 04:15:30 PM December 29, 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