Well, Ed was spot on (as was I on the Spike Line page under the features link above). But it may not be over, yet. Market price in Chicago went up another 11 cents today. Could we possibly be in for another spike early next week?
This post is the first of a weekly feature I’ve been working on, the end of week report. We saw the Chicago CBOB go up around 35 cents this week from 2.6818 on Friday to 3.0270 today. The Chicago RBOB is up about 37 cents, and is currently 23 cents over the CBOB. The Chicago Ultra Low Sulfur Diesel is down 2.67 cents, and the Group 3 spot is up 1.56 cents.
The Indiana average is up 22.1 cents, Michigan up 17.5 cents, and Ohio up 20.9. All are still trending up, and could see another 5-10 cent climb before prices ease, or another spike occurs. The US average went down 2.6 cents on the week.
Why the big jump up? I had the pleasure of hearing an interview with Patrick on WIBC this afternoon, and he says it is because of the large amount of rain we’ve had causing power outages, and thus pipeline and refinery closures. These are temporary, however. There is a possibility of a spike on Monday, but they also may skip it, especially if there is an early drop in the market on Monday. We shall see. But these high prices won’t last long, and we should settle back into $3.30′s in a week or two as long as the national market doesn’t rise in the meantime.