Expect prices to drop a bit through the weekend

Comment on Friday’s post:  No, prices did not fall much.  In fact, we got a scary price hike to $3.49 on Tuesday the 15th.

Wednesday, May 16, 5:00PM:  Working backwards from the $3.49 price hike gives a wholesale price of about $2.70.  From a site with some Midwest wholesale prices on it, it appears that $2.70 is correct.  That’s 40 cents higher than the NYMEX price!  The news isn’t much better today, as NYMEX and Midwest wholesale are up another 3 cents today.  But that’s not enough to give us another price hike tomorrow.  I predict no hike until at least Monday, and some falling prices, unless something goes crazy tomorrow.

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