Comment on the July 22 prediction: My prediction that prices would keep falling, was CORRECT.
Monday, July 29, 2013, 9:00PM: Retail prices have been going down, down, down, but wholesale prices are steady, and we’ve reached the point where they are going to push the Big Red price re-set button. Expecting a hike on Tuesday, with a new price in the neighborhood of $3.79. –Ed Aboufadel
I’ve been seeing slowly falling pump prices and slowly rising market prices all week. They are making it highly likely that a spike will happen tomorrow, with the Spike Line numbers being near -10 cents. I expect it will be back up near $3.80-3.89.
Comment on the July 10 prediction: As predicted, prices rose to $3.85 on July 11. CORRECT!
Monday, July 22, 2013, 7:30PM: Looking at NYMEX and elsewhere, wholesale prices appear to be in a new downturn, so retail prices should follow in Michigan. They already are falling in Fort Wayne, with prices like $3.59. So, for once my prediction is no price hike this week, and steadily falling prices. — Ed Aboufadel
After Thursday’s market spike in Chicago, Friday’s spike is courtesy of a national spike in the market. A spike at the pump to $3.99 has already happened in some areas. Expect that or more everywhere else tomorrow.
Comment on the July 7 prediction: Right as rain, as prices rose in GR to $3.69. CORRECT.
Wednesday, July 10, 2013, 9:00PM: Just updated my spreadsheet. Oil up to $106.52 a barrel. It was $94 two weeks ago. NYMEX gas bubbling up in reaction — 26 cents more than July 1. Even though we had one price hike this week, I wouldn’t be surprised to see another one in the next 36 hours, with a new price in the $3.79-$3.89 range. That’s a prediction. –Ed Aboufadel
Comment on the July 1 prediction: One of my better ones, as prices rose just as predicted. CORRECT!
Sunday, July 7, 2013, 10:30AM: On Tuesday, the “spot price” for the Chicago area was about $2.64, which corresponded to a price to retailers of $3.33, after all taxes and other costs are factored in. We saw a hike that day to $3.59. Since Tuesday, the spot price has risen to about $2.79, leading to a price to retailers of $3.48. With prices in the Grand Rapids area at about $3.48, that is a recipe for a price hike on Monday or Tuesday. Prediction for new price: $3.69-$3.74. –Ed Aboufadel