Comment on the April 3 prediction: Prices have continued to drop, as predicted. CORRECT!
Sunday, April 14, 2013, 10:45AM: For those who follow the comments on the blog, you know that this past week, Bloomberg stopped providing free quotes for the “Chicago CBOB” prices, and these prices have been very useful to estimate the price to retailers and win the Gas Game. So, what can we use instead? Bill and I have been trading e-mails on this problem, and here are the options as I see it:
1. Go back to using NYMEX (New York) prices with some sort of Chicago fudge factor, like I used to do.
2. Tease out from AXXIS-Wisconsin the wholesale price.
3. Tediously go through news reports at Murphy Oil in order to find the daily report on Chicago prices.
4. Come up with a new, free source of Chicago CBOB quotes.
I am going to exploring all four options going forward in order to continue to play and win the Gas Game.
As for current gas price conditions in Grand Rapids and elsewhere, oil has been in a downtrend since the beginning of the month, despite new highs for the stock market. This Murphy Oil report suggests a CBOB price of $2.64, which translates into a price to retailers of $3.32. That suggests $3.40 in Grand Rapids is our trigger price for a hike. With gas selling for $3.34 in Sparta this morning, let’s go on alert for a price reset on Monday or Tuesday, to $3.59 or so. — Ed Aboufadel