We should see a spike tomorrow. We have seen prices fall rapidly to meet the wholesale, which spent the last two days going up. Indiana has crossed the spike line, and Michigan is close behind. The big question is the price. Currently in Indianapolis we have seen all Kroger stations go up to $2.69. I don’t expect the spike to reach those levels. With the current spike lines at $2.41 in Indiana, and $2.423 in Michigan, we should expect a spike in the $2.51 area. For Michigan and NW Indiana, this could be 5-10 cents more.
For NW Indiana, this is due to the premium the Chicago Spot RBOB has over regular. For Michigan, just call it a hunch. The numbers don’t look spike worthy, but Michigan has been 6-10 cents above Indiana for about a week. This either means the gas stations have been greedy, or we are seeing supply issues. I really couldn’t tell you what’s going on without some spot prices from the racks in Michigan. But right now I can only speculate.