Lower Prices on the Way!

Comment on the March 17 prediction:  We rose to $3.95 on March 18 … CORRECT!

Wednesday, April 3, 2013, 9:15PM:  Where have the last few weeks gone?  Between work and the NCAA Tournament, I’ve neglected posting to The Gas Game.  Sorry!  OK, we had a price hike on Monday (boo!), but today wholesale prices dropped like a rock, and the price to retailers tonight is about $3.33, by my calculation.  With retail prices near $3.79 in Michigan, we have a long way to drop.  So, expect lower prices for the next several days. — Ed Aboufadel

Posted in Predictions
22 comments on “Lower Prices on the Way!
  1. ChrisDG74 says:

    “So, expect lower prices for the next several days.”

    Translation: Greedway MIGHT drop 5-7 cents.

  2. Jen says:

    So most stations are working with a 50 cent margin right now;{

  3. Ed Aboufadel says:

    Jen, to be fair, if they bought the gas from the wholesaler a few days ago, it was more expensive for them. If you see a new delivery today at a station, that gas is cheaper for the retailer.

  4. Sam says:

    What asanine reason are they giving for the price of gas going up to $4.09 today in Grand Rapids??????????????

  5. Sam says:

    Okay – interesting!! At work when I got on Gas Buddy, it was showing that everything was going up to $4.09 – stopped at Sam’s Club on the way home to fill up, got gas for $3.55. Checked all the gas stations on my way home and none of them had gone up and now gas buddy is showing $3.79.

  6. skyler says:

    good point Sam. I think the bigger question is: are we going to vote and trust that these greedy lying politicians will do anything in people’s favor who do not contribute millions to their campaign contribution or none at all or to those who fill their koshers? I think democracy is only to the voting, what happens after the power distribution is lobbyist’s interest. if we do not take action we will keeping voting for our own demise!

  7. TimmP says:

    Are Bloomberg’s report of Chicago CBOB and RBOB down for a bit, or gone for good?
    http://www.bloomberg.com/apps/quote?ticker=CHOR87PC:IND
    for example.

  8. Jen says:

    I just looked and had the same question TimmP? It would be nice if the south side of town would get down to where the north side is before the next spike.

  9. TimmP says:

    I know this sounds cynical, but making everybody pay for a premium account on Bloomberg, just did two things: 1) Eliminate any savings one would have by guessing when the price spikes, 2) It does away with all the carping in between spikes as we watch the spot pricing climb.

  10. Mike - Kalamazoo says:

    Does Greedway own Bloomberg…hummmmm.

  11. Ryan says:

    What site are you currently using to get the Chicago Spot price now that bloomberg has taken it down? My SPIKE history spreadsheet is fairly useless without having the current Chicago Spot price feeding in to it.

  12. Ed Aboufadel says:

    Ryan — I am having the same problem, and I am not sure what to do yet. I might go back to AXXIS: http://www.axxispetro.com/download/wisconsin-cta.txt

  13. skyler says:

    seems a spike is coming! axxis up.

  14. Ed Aboufadel says:

    But NYMEX and UGA down today. Bloomberg still gone as far as wholesale quotes.

  15. Sam says:

    Gas Buddy showed “stable” when I was on earlier – which usually means a price hike – guess we’ll see around noon or early afternoon for sure!

  16. TimmP says:

    Ed: Is this link any good for watching? It seems to be updated frequently daily.
    http://www.bloomberg.com/energy/

  17. Sam says:

    And it’s 4:40 p.m., finally got back on Gas Buddy and much to my surprise – no hike!! I’m pleased!!

    Jen, the south side of town ALWAYS has lower prices than the north side [Kentwood area particularly]. Nice to be able to enjoy the low prices on the north end now and again.

  18. skyler says:

    TimmP thats a good site! Sam, north is generally 20 – 25 cents cheaper than south may be due to more speedways in south! not sure how many up there. In south its either Meijer or greedway. and as meijer gives 5 cents off for their own card user, it always keeps the price high and the other major player is greedway that by default is leader in high prices! the other small players are just herds following these two!

  19. Ocho says:

    once we get past 4 pm today, its possible we’ll hit the weekend w/o a spike? – of course, if thats the case it just makes me think that monday around noon is the likely time for it.

  20. Sam says:

    Hey Skyler, sorry, when I say north side of town, I was referring to north of town – specifically, Rockford. They ALWAYS have the highest gas prices (with the exception of right now). I would imagine even tho the price of oil right now is under $92 a barrel, it’s just been too long going without a hike so I plan on filling up this weekend. Also of note, this article on Yahoo Finance I saw this morning.

    Oil falls to near $92 on lower demand forecasts

    Oil falls to near $92 a barrel in European trade on lower demand forecasts, ample supplies
    By Pablo Gorondi, Associated Press | Associated Press – 2 hours 34 minutes ago.

    http://finance.yahoo.com/news/oil-falls-near-92-lower-120335259.html

  21. Chris says:

    WTI Crude down nicely today and although I don’t know what Chicago Spot did, I’m sure it dropped at least a couple pennies. I’d say that’s the perfect scenario for Greedway to crank up the prices again soon. I’ve seen it happen before and I know it will happen again.

  22. Pat says:

    Found a chart on CME Energy’s site, that shows the spread of Chicago unleaded and RBOB, so I can still estimate the wholesale price. The spread for Chicago is RBOB – .1553, so it appears we’re still right around 2.65 for the wholesale gallon in Chicago.

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