Friday, May 11, 2007, 1:30 PM:Â Looking at the price hikes of 5/3 (to $3.25) and 5/10 (to $3.29), it is as if the margin retailers are using has jumped from 20 cents to 50 cents.Â That, of course, isn’t true, and we can tell from the fact that prices did not drop down into the $2.80’s before yesterday’s hike.Â So, the more likely situation is that we still have the 20-cent margin, but the “Fudge Factor” right now is an unprecedented 30 cents.Â That is, there is a 30-cent differential between the NYMEX estimate of the wholesale price and the actual wholesale price in the Midwest.Â This is consistent with what we are seeing on the national gas price map.Â Sadly, NYMEX prices jumped several cents yesterday, which means that while prices will naturally fall a bit over the weekend, they won’t fall very much.Â And then we’ll see how things look early next week.
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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