Someone turned on the “higher prices” switch on Friday

Comment on the June 23 prediction:  We saw some nice drops in prices this past week, down below $3.30 in some places.  The prediction was CORRECT.

Saturday, June 30, 2012, 8:30AM:  Yesterday, due to some relief among speculators about financial events in Europe (which may be short-lived), and I suspect some Federal Reserve goosing of the markets, stocks soared.  Of course, that means oil and gas wholesale prices soared, too.  A barrel of oil cost almost 10% more by the end of the day versus the end of the day Tuesday, and Chicago wholesale prices jumped 18 cents.  Dropping retail prices plus soaring wholesale prices equals a price hike coming Monday.  (They wouldn’t do it today, would they?)  Anticipate the new price to be in the $3.39-$3.49 range.

Updated: June 30, 2012 — 8:34 am

26 Comments

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  1. Yep. Cashed in my 1600 Kroger points to fill up both cars before the jump tomorrow.
    $1.499($3.099 minus $1.60/gallon). Man was that nice.

  2. Just got the spike notice from gasbuddy.com.
    Spike price in Ohio to be between $3.399-$3.559.

  3. Also look for media coverage of this unusual, solar flare induced price spike, along with an explanation that 10-12% price hike is justified due to the 4th largest, etc etc. Maybe a stooge or two from API or some other source explaining the price correction too.

  4. AND . . . it’s a holiday!!!

  5. $3.559 in Michigan

    Too bad I didn’t stick with my prediction from a few weeks ago that gas prices would increase today.

  6. $3.599 around my area in SE Michigan. Amazing how it takes weeks to fall, but days to spike.

  7. And I have to laugh, because they are blaming it on the one day oil spike and yes, oil is already falling today.

    Oil
    83.25
    -1.71
    -2.01%

    Yahoo Finance

  8. $3.399 jump in Ohio.
    Grrrrrr

  9. Diether Haenicke

    As of 12:49 p.m. ET, the Chicago spot is down 4.58¢ (1.77%) to $2.541.

  10. Paid $3.15 @ lunch today – thanks Meijer!! Everybody else [Speedway] jumping to $3.55.

  11. Diether Haenicke

    Yes, the vast majority of Meijer locations do not raise their prices until 2 p.m. ET. So, after Speedway has began raising their prices around 9:30 a.m., you always have about 4 hours to go get gas at Meijer. Admiral locations often don’t raise their prices until about 3 or 4 p.m., though their customer lines are typically long if you wait until then. Good thing Admirals have electronic signs, or the sign change people would probably get harassed by someone in the long lines if they changed the price manually.

    The Chicago spot now (2:33 p.m. ET) is down only 1.87¢ (-0.72%) to $2.5681.

  12. I have been told (and have seen this) that Sam’s Club will not raise their price until after they have closed for the night. With the exception of the “no hold-outs” hikes we have seen in recent months, each hike seems to have somewhat of a pattern. Some stations, Speedway and others, will go up as soon as the hike begins. Some hold out until around lunch to early afternoon (i.e., Meijer), some hold out until the late afternoon, and others hold out until as late as the next morning. My particular Speedway for example, rarely if ever goes up before 9 PM. The key here is to know which stations take longer to go up.

    I was able to gas up last night in Owosso, for $2.999 (with the Speedway Fuel Card discount and a rewards card discount). Something tells me I won’t see that again, at least for a while.

  13. Diether Haenicke

    Chicago has finished the day UP an additional 2.21¢ (0.85%) to $2.6089. This doesn’t mean anything for retail prices, but it does mean independent stations will be seeing less benefit from this reset and will be less willing to lower prices.

    New York August gasoline futures settled today down only 0.79¢ to $2.6239.

    New York August WTI crude oil futures settled today down $1.21 to $83.75.

  14. Sam, what else can you factually attribute the spike to? Spot prices were up significantly Friday evening. Margins at that point dropped. This is Speedway’s MO, predicted accurately. Doesn’t get much easier. Nothing else to it besides idiotic positive reaction to Europe, something that the market briefly thought would go away.

  15. I honestly don’t “factually” figure anything – to me, it’s kinda like the stock market, gas prices react almost like the stock market does – to news. To ME, personally, if it’s a holiday, prices will go up – it’s hugely rare if they don’t. If the price of oil is up, the price of gas will go up almost immediately, if oil drops, gas will – eventually – like next week. I read this board for information and throw a few comments out now and again. Anything I say is pretty much based on the news. Like my post about price of oil? I was on Yahoo Finance to check my stock prices, saw that oil was already down – hence, copy and post here. Again, to ME, personally, it’s all a game and we, the consumer, get screwed and there is nothing we can do about it. I’m grateful for all the work you guys do in predicting the hikes because I have to say – you are well on a majority of the time, so that the few times you may get it wrong, not that big a deal. SO – thank YOU guys for your research and that you share with us!!! I’m just a lowly consumer who tries to save a buck where I can [or a dime, nickel or even a few pennies].

  16. I should quit my day job and become a “speculator”. Right after our Friday adventure Iran is “threatening” us again and hello $87.50/bbl. Maybe I can conjure a tropical storm or two while we’re at it…

    In essence, a good two months worth of price drops are wiped out in two or three trading sessions.

  17. NYH RBOB up ANOTHER 10 cents already today. I feel a pancake spike coming between now and Thursday.

  18. Diether Haenicke

    The person at Speedway who authorizes lower prices must be gone on vacation, as I see 3 Speedway stations that are not matching the competition’s lowered gasoline prices.

    The Chicago spot finished today up 17.4¢ (+6.67%) to $2.7829. This moves the Michigan spike lines to:

    $3.574914 without a rack adjustment, plus 10¢ summer surcharge
    $3.474914 without a rack adjustment

    The Michigan average is currently $3.533.

    PREPARE FOR GAS PRICES IN MICHIGAN’S LOWER PENINSULA TO INCREASE BEGINNING 9:30 A.M. THURSDAY (JULY 5) TO $3.699.

  19. Thank you guys for helping all of us to save on gas. I tell my co-workers and friends to get gas before it goes up to help them because of you. They are very thankful.

  20. Chicago region rose the most, by far today. But this seems like a turning point higher.

  21. No reports out of Michigan or Indiana yet, but Ohio Speedways began increasing to $3.599 at 9:35 this morning.

    The Michigan retail average is currently $3.534.

  22. Indiana’s last reset was apparently to $3.459, so that means all the $3.599’s I’m seeing there are today’s new price. The first report was at 9:33 this morning out of La Porte.

    There are still no reports out of Michigan. The last reset on Monday, July 2 was to $3.559 in west Michigan and $3.599 in east Michigan. There are currently no Speedways in Michigan reported above $3.599.

    So, I expect we’ll either get a rare afternoon reset today in Michigan or a reset at the normal time tomorrow morning, unless the market tanks between now and then.

  23. ChrisDG74, Cincinnati, OH

    $3.599 in Ohio. Not a rolling spike, either.

  24. Prices at 4 Speedways in Michigan HAVE gone up this morning, according to Speedway’s website. Earlier, all Speedways in Michigan were $3.599 or below, except for 2020 W. Stadium Blvd. in Ann Arbor at $3.659. Since then, the following stations have joined the above $3.599 club:

    $3.699 Taylor, 20011 Eureka
    $3.669 Troy, 880 E. Maple Rd.
    $3.659 Eastpointe, 19029 E. 9 Mile
    $3.639 Waterford

    I’m guessing these stations have matched the higher prices their independent competitors have gone up to this morning.

  25. Diether Haenicke

    The Chicago spot finished today down 8.31¢ (2.99%) to $2.6998.

    In the Kalamazoo/Plainwell/Paw Paw area, only one station went above $3.559 today, the Citgo on Main St. in Lawton. In the Grand Rapids area, two stations went up to $3.569: Citgo on Northland Dr. NE in Grand Rapids and BP on Belding Rd. NE in Rockford.

    Speedways in Michigan now above $3.599:

    $3.699 Taylor, 20011 Eureka
    $3.699 Sterling Heights, 43400 Van Dyke
    $3.669 Troy, 880 E. Maple Rd.
    $3.659 Eastpointe, 19029 E. 9 Mile
    $3.659 Ann Arbor, 2020 W. Stadium Blvd.
    $3.659 Commerce, 8185 Commerce Rd.

  26. It is 10:48 a.m. on Friday. Speedway is not raising prices this morning in Michigan nor did they yesterday afternoon. However, as previously noted, Speedway did raise prices yesterday morning in Ohio and Indiana. As a result, the Michigan average is currently lower than both Ohio and Indiana:

    $3.542 Indiana
    $3.541 Ohio
    $3.536 Cleveland (lowest in Ohio)
    $3.533 Michigan

    $3.478 Kalamazoo (lowest in Michigan)
    $3.458 Peoria (lowest in Illinois)
    $3.402 NATIONAL AVERAGE
    $3.374 Evansville (lowest in Indiana)
    $3.366 Madison (lowest in Wisconsin; 6 Speedways in this metro)

    $2.958 South Carolina (lowest state in nation)
    $2.894 Rio Grande Valley, Texas (lowest metropolitan area in nation)

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