Hold out for $2.25 or less if you can

Comment on the November 3rd prediction: It was basically WRONG. Prices did not drop much over that weekend, and we got a price hike to $2.39 on November 7. Although prices then fell to as low as $2.12 in town by the weekend of the 11th, on November 16, prices rose again to $2.35.

Friday, November 17, 9:30 AM: Due to two very busy weeks at work, I haven’t had time for the Gas Game, but somehow I got gas for $2.12 during the past two weeks. On NYMEX, the HU contract is going to be eliminated at the end of the year, replaced by the RB contract, and you can see this week that the prices of the two have converged. So, for prediction purposes, we’ll only need the RB contract now. With the RB contract yesterday morning, we would have had a 20-cent margin price of $2.31, but, as you saw, prices rose to $2.35. We have been paying extra for gas this month, and you can see it on the national price map. Looking ahead, oil fell 4% yesterday, continuing its fall from $77 a barrel on July 14 to about $56 now. You would think gas prices would follow over the next few weeks. December is usually the time of the year when gas prices are the lowest. Short term, I would hold out for cheaper prices (below $2.25) by Sunday or Monday.

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