Comment on the September 29 prediction: No hike the first week of October, as predicted. CORRECT.
Monday, October 14, 2013: 7:30PM: We had a price hike last Monday, and another one this Monday, with a new price of $3.59. I didn’t predict these (color me WRONG) because the NYMEX numbers I am using right now (to estimate the price to retailers) have been eerily steady since mid-September. To give you some value on the blog, here’s a link to an article I read last week interviewing Dan Dicker, a veteran oil trader. The interview backs up what we have been writing for years, how energy prices have been hijacked by traders and speculators. Sample quote: “Now, the growth in volume [of trading energy futures] … is the growth of those players who have absolutely zero physical interest in oil; they don’t care how it is used. … WTI [West Texas Intermediate oil price] has lost entirely its connection with global crude oil.”