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Can you believe that gas is “only” 2.28 in Findlay, Ohio? Thats the
lowest price in the United States at this time, and its only a few
hundred miles away.
Prices on the wholesale market fell quite a bit the past few days,
but you don’t see local stations following suit… we’re still
“stuck” at 2.54. We should be near 2.45-2.49, but for some reason the
gas stations are holding onto assured profit. Some station needs to
step up and lower their prices.
I don’t see a hike coming any time soon, but Iran could force
wholesale prices higher.
The DOE report today was also excellent. Crude oil inventories built
(suprisingly), as did gasoline (suprise again!) AND diesel/heating
oil inventories climbed, ALL unexpectedly…
Why aren’t prices falling? A good question- they ought to.
I don’t see prices going higher for Labor Day at this point, but
remember, Iran could change that, and FAST.
Comment on last weekâ€™s posting: Prices decided to go lower, as low as $2.55 on Monday the 28th.
Monday, August 28, 2006, 1:15 PM: Good gracious, the August contract on NYMEX for unleaded is down another 10 cents today! There is some serious air being let out of that baloon, which means expect even lower prices this week. Prediction: prices below $2.50 in several places in town by Wednesday.
Wholesale oil and gasoline prices have been falling after each NHC update moves Ernesto further east, away from vital Gulf oil rigs and refineries. Currently, wholesale oil is down over $1 per barrel and gasoline down roughly 5 cents per gallon.
I’ll be looking for 2.45-2.49 in the GR area soon if prices keep falling.
I’ll also be looking for a small gain on the market Tuesday as profit taking falls off and more traders get back into the market.
Hope everyone is having a fabulous weekend.
Thought I would e-mail everyone and let them know the latest with gas
prices. I just checked the NHC latest forecast for soon-to-be
Hurricane Ernesto, and it doesn’t look good at all. It appears that
Tropical Storm Ernesto has sucessfully fought off a lot of windshear
(and still has some fighting to do!) and is continuing to gain
strength in the very warm Gulf water.
I have made an image of Gulf Oil drilling wells that would be
effected. Rigs are orange dots, refineries are black dots. You can
see the current forecast isn’t very good. The only thing we can hope
is that windshear will force Ernesto to lose some of its strength or
not let it be as strong as it could be.
You should see an image below of the aforementioned rigs/refineries.
Now, at this point, it is looking like we could see a major price
hike early in the week. The wholesale market opens for electronic
trading Sunday night, and I will be watching to see what happens, and
will update you.
Right now, Ernesto’s estimated strength is what will determine
prices, as it appears it will be heading for the gut of oil
production and refining. Worse case scenaro is that we see over $3