Finally after the last prediction, Speedway hiked their prices back to 2.59.
I can’t say after reading the DOE report that things look good; they don’t at all.
refiners only utilized around 85% of their capacity, leading to another
fall in gasoline stockpiles. They dropped roughly 2.5 million barrels,
as distillate/diesel stockpiles suffered a bit more, down 2.7 million
I have a new tool I’ll be using to predict refinery
utilization rates for the coming week; be patient with me as I figure
things out and adjust my calculations. I will start giving rough
estimates on where I think utilization will be the following week.
I see prices in GR are down to near 2.40. Wholesale prices are up today
to 1.94. We should see a price hike to 2.65 tomorrow, or Friday at
latest. I will be looking for refineries to inch up their utilization,
capitalizing on refinery glitches that slow production at competing
facilities. Profit from refining is up nearly THIRTY percent in a week.
This will definitely have refiners start to turn up the dials. Look for
around 87% utilization for the next DOE report. The higher utilization,
the more it has potential to push prices down.
Cliff notes: Price hike most likely tomorrow. $2.65 should be the intended target (plus or minus 3 cents)
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