OK. Its official. I’m furious about this oil market and the way speculators are fueling the market. Morgan Stanley predicted $150 by July 4. THATS THE MAJOR FACTOR pushing prices higher. Sure jobless claims went up, meaning possibly lower demand, and the Dollar stumbled, but honestly, the market is up WHY? We aren’t attacking Iran, we aren’t having higher demand, etc! Its so unbelievably infuriating to me I just had to vent. I just want to tell Morgan Stanley AND Goldman Sachs to stop being so unreasonable. Their forecasting is a HUGE conflict of interest.
Should I predict $5 oil? Would that make prices drop $100?
This oil market right now is so ridiculous. NO REFINERY OR DEMAND NEWS other than demand is WAY down, and the market is WAY up based SOLELY ON A PREDICTION.
Having said that, we’ve seen a 17 cent drop Wednesday, a 15 cent hike Thursday, and today we’re at another 18 cent hike. Before today, I would have predicted $4.19, but with today’s unreasonable gain, expect $4.35-$4.39. Stations will likely try to raise prices before Speedway does across the board. We may see Speedway raise this afternoon. This for them is likely an emergency situation. They elected NOT to raise prices today, but after the market closes today, unless they raise prices, they’ll likely be losing 20-40 cents per gallon.
Fill up and let your Government Representatives know that you’re upset about today’s situation.