Gasoline & Oil trade higher as Ike approaches the Gulf

Better plan on filling up tonight or first thing Monday morning, folks.

The oil and gasoline market opened overseas just moments ago and has already jumped enough to force a price hike. At this writing, gasoline is up 8-cents per gallon. Local gasoline retailers aren’t making more than 10-cents per gallon today, and with a large hike, it is very likely we’ll see a hike to $3.899-$3.959 tomorrow.

Hurricane Ike is currently a Category 3 storm over Cuba. I’ve just reloaded the wind forecast table from the NHC, and it looks much more promising (good) than even last time it was updated!

While Ike’s landfall hasn’t yet been pinpointed, it looks as it will track west of where Gustav blew through.

I would definitely fill up tonight (like I did for $3.66)!

Patrick

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2 Comments

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  1. It’s no longer a question of if Ike will effect prices / supply, its just a question of how much. For right now, Cuba is slowing it down, but once it gets back over water, it will pick back up. There aren’t too many places along the Gulf that a category 3+ storm can hit without damaging rigs and refineries.

    I have a map on on my computer showing a map of all the refineries and pipelines, but I can’t find a link to it online anymore. Patrick, I can email it to you if you want it for the site.

    We don’t get rack price changes on weekends, so Speedway won’t move today. If we get 10 cents tonight, then I would agree with your prediction of $3.899 – 3.959 for Tuesday.

  2. Rack prices went up 15 cents tonight (Monday). I would be shocked if Speedway doesn’t go up to $3.959-$3.999 on Tuesday morning.

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