Same prediction as a week ago; I’ll be right this time.
Tuesday 19 Jun 2007 | Posted By Ed Aboufadel | Predictions
Comment on last week’s prediction:Â Yet, prices continued to fall through at least Tuesday the 19th, so I was WRONG.
Tuesday, June 19, 2007, 2:45 PM: I am going to post almost the same words I posted exactly a week ago: In past years, prices tended to go lower in June, with a minimal number of price hikes. This year, we are thankfully seeing the same, but the month isn’t over yet. With wholesale prices in the Midwest at about $2.40, that corresponds to a 20-cent margin price close to $3.20. We have a good number of stations under $3.00 right now, so I sense a price re-set coming, in the $3.15-$3.19 range. I predict this re-set will occur by the end of the week.
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I’m very surprised that Speedway didn’t go up Monday or Tuesday, I was betting on $3.159. They did move stations around Detroit to $3.29 (which was too high) on Monday, but no where else. Tuesday they moved Kalamazoo from $2.74 up to $2.89, but most came back down today.
I really think they are going to avoid raising prices above $3 unless they have no choice. We had a small drop last night, which puts cost at $2.95. And, it looks like we might have a couple more cents tonight.
My prediction is that they will make us suffer until cost drops down to the retail prices. They will probabaly restore to $2.999 next week, then go above $3 later in the week if prices go higher than they are now.