Comment on last week’s prediction: Patrick and I were right on the money, as we got a price hike to $3.09. CORRECT.
Monday, September 3, 12:45 PM: Slowly, but surely, I am building a data series of the AXXIS-Chicago prices, and in looking for a pattern, it seems that using those prices with my formula and a 10-cent margin price gets you to approximately the price hike price. As wholesale prices ticked upwards last week, we have an AXXIS 10-cent margin price of $3.19. I’m expecting a price hike to $3.19 either Tuesday or Wednesday.
I don’t know if you will catch this comment since this post is a week old. I just looked at your link for the AXXIS prices and I the E-10 is exactally 10 cents higher than what I can get at Muskegon today (before the .051 tax credit) and the conventional gas is about 9 cents higher than Muskegon.
So, if it stays that way, it should work out good. I’ll have to remember to check it again later.
Unless something changes (seems likely) retail prices should keep creeping downward to the mid 2.80s with 2.70s possible in some areas.