The markets closed lower (except for Chicago RBOB, now at 14 cents premium to regular). The difference between Chicago rack and other areas shrunk, bringing down the rack adjustment across the board, too. Prices fell in all areas over the weekend.
All areas are in Spike territory, as well. Being a Tuesday, it’s highly likely we will see all areas spike. Indiana could see $2.89-2.95. Michigan could see $2.95-2.99. Ohio should fall to $2.85-2.89. NW Indiana could break the $3 barrier, and be 10-15 cents above Indiana. Top off tonight for insurance. –BE
Sunday, April 25, 2010, 9:25 AM: I expect that stock market/gas prices correlation that we have been talking about for several years now to continue this week. Stocks rose slowly but surely the past week, and the S&P is at a new high for the year. Wholesale prices did the same, and we are set up for a price hike on Monday. The only mystery to me is whether they break $3 or not. I would not be surprised by any price $3.09 or lower. — Ed Aboufadel
Comment on the April 5 prediction: On April 6, prices rose to $2.95, so the prediction was CORRECT.
Wednesday, April 21, 2010, 1:00 PM: Since the last price hike, wholesale and retail prices have been pretty stable, so there hasn’t been much to comment on. We still have some $2.95’s in town from the April 6 hike, and in Lowell, prices are down $2.76. Price hikes in 2010 have re-set to prices below my 20-cent margin calculation, which tells me that the retailers, particularly Big Red, are doing all they can to keep prices under $3 a gallon. Looking ahead the next several days, there’s nothing obvious to predict. If we get a re-set, it will be in the $2.95-$2.99 range I believe, but I don’t know if we will get one. — Ed Aboufadel
It’s looking like the Spike Line has caught up to Indiana. It is very likely they will get a spike, probably to $2.89, and $2.99 in the NW counties. Michigan and Ohio had a spike last week, and they look like they will skate by without a spike.
Monday, April 5, 2010, 8:30PM: Stock market keeps creeping higher, as do oil prices, and therefore wholesale gas prices. As I posted on March 26, I think we’re going to see $2.99, maybe Tuesday. Wholesale prices are at least a dime higher since the hike to $2.85, so we might just get $2.95 instead of $2.99. Either way, fill your tanks! — Ed Aboufadel