DOE Report!
Wednesday 31 Oct 2007 | Posted By Patrick | Predictions
Last week brought an unexpected jump in gasoline stockpiles! Analysts were predicting a drop of 400,000 barrels while a jump of 1.3 million barrels actually occurred. Demand is flat over last year as prices remain high.
We may see oil continue to climb as we saw another drop in crude oil inventories. However, we’re still in the upper average of the range for this time of year.
Midwest PADD remained relatively flat at 47 or so million barrels.
We may see another hike depending on what oil does today.
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Wholesale prices mirrored the 7 cent increase the futures market had on Monday. Tuesday the futures were down 7 and wholesale prices only dropped about 3.5 (funny how that works). Last night wholesale prices matched the almost 8 cent increase that the futures market had.
That puts us at about $3 for a 0 cent margin, I would guess that Speedway will go to at least $3.199 today.
I was just about to submit this and I got the Meijer text message. But, Speedway hasn’t updated their site yet.