$2.39 again and again and again

Thursday, September 8, 2016, 8:00PM:  I saw this tweet this afternoon from TGG friend Patrick, and now that I have completed updating my spreadsheet this evening, I think he’s right.  We had a jump in wholesale prices today, bringing retailer margins to about 0 cents, by my calculations.  So, we are set up for a price hike on Friday, probably back to our default price this summer:  $2.39.  –Ed A.

Updated: September 8, 2016 — 7:29 pm

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  1. Well spot was quoted as up 7.76 cents by DTN at close today. Even before that Speedway posted a Chicagoland hike to $2.39 ($2.49 in more expensive Cook County) which was 8-10 cents more profit (before tonight’s new higher wholesale kicks in) than any recent spike.

  2. Time to fix up, although MI might get a reprieve this time. How do those Indiana stations stay in business, with the spike line at a -$2.09? 😉

  3. Time to fill up, although MI might get a reprieve this time. How do those Indiana stations stay in business, with the spike line at a -$2.09? 😉

  4. at 1.899 NW ohio corridir this morning its well under spike price – I am suprised we made it this far in the week !!

    most stations in area now under $2.00 so I would go for 2.299 round here starting from the usual 11.00am

  5. Funny, Patrick Dehaan recently said gas prices will accelerate downward.

  6. Yep, pretty much every time he says to expect prices to drop, I end up filling up within a few days, to avoid a spike. Topped off this morning, expecting prices to jump 30 cents/gallon sometime between today and Monday.

  7. You guys didn’t know that’s his code line for telling us it’s time to top off? Just like, prices never go up because of a holiday travel weekend.

  8. just noticed couple stations gone to 2.199 rt 20 nw ohio area ..speedway and its owner marathon ..wow 9.30 am..couple hours ahead of schedule

  9. “Get ready for gas prices to drop in a big way” news article big as life on the GB’s top News and Blog articles today. Translated that means GREEDway spikes no later than tomorrow at noon.

  10. Costco/Sam’s Club at 1.899, many at 1.999. Rare Sunday spike coming?

  11. Central Ohio FYI…

  12. Larry…
    Speedway has never spiked on a Sunday (maybe a given station waited until Sunday after Speedway ordered a Saturday hike. Not going to happen Besides, spot fell almost as much Friday as it rose Thursday.

  13. Speedway HAS spiked on Sunday before, albeit with extreme circumstances.
    2008, when hurricane Gustav(I think that was it’s name) hit Texas.

    Prices here(Ohio) went from 3.49 to 3.69 Saturday. Then to 3.99 Sunday.
    A lot of stations then went to 4.29 a few days later.

  14. ChrisDG74…
    Can’t dispute your memory, but it is safe to say we don’t have the same urgency in play today.

  15. Indiana I 94 corridor @ 1.99/1.97
    Michigan I 94 corridor @2.07
    Northern IL, Lake county 2.29-2.39

    no rhyme or reason thorntons is in a local price game with the New Meijer and a new mobil is giving .05 off for cash to 2.25

  16. The Big Red execs are probably in church today praying for crude and spot to go higher. Gas prices have dropped quite nicely near the house. Went from $2.15 to $1.93 in just 4 days

  17. Just noticed a blip where appears Michigan is going up to $2.29 this morning at Big Red (Alma, Bay City, other stations). Nothing yet for IN, OH but usually not far behind.

  18. Ohio jumping to $2.399 right now.

  19. Wholesale in Chicago dropped 6 cents Friday night…must be a different regime east of here.

  20. Back to $1.03 over spot again. smh

  21. Looks like at least northern Ohio is only getting the $2.29 spike (Speedway at I-75 in Beaverdam). About .20 over the line. Let’s see how Indiana fairs tomorrow….$2.29 or will they go for their last gasp of summer and shoot for .30 over the line.

  22. SW Ohio indeed got the $2.399 spike but at the moment there seems to be little movement for many of the stations to dutifully change to the memo price. Too early to call it a rejection but I hope the next 24 hours is like the last 24.

  23. looks like a more wider spreading spike today NW ohio corridor. 2.25 looks the magic numbner. more stations raising already compared to the handful that tried for 2.199 last friday

    one station that was 2.199 friday went to 2.099 yesterday 1.999 this morning and was first to go to 2.259..the station?..speedway (no real suprise there)

  24. If they do go to $2.39 it will be a 50 cent spike for stations near me. Spot dropped a couple pennies today, but we all know the Big Red machine controls how deep the knife goes

  25. This from GB/Patrick DeHaan a couple of days ago in which he reports, similar to Ed, that while retail prices have fallen wholesale prices generally remained the same or risen. Also, that Winter Blend hits the market Friday; BP Whiting has scheduled maintenance soon and a wonderful retail price map (note the green OH and yellow/orange MI–especially orange where I live in SE MI).
    We haven’t seen a reset around here but with retail at a $2.31 average in my backyard I would hope we wouldn’t.
    It seems that all OPEC has to do is whisper about a cap on output and prices shoot up.

    https://blog.gasbuddy.com/posts/Gasoline-prices-generally-move-lower-Great-Lakes-may-see-hike/1715-653811-3839.aspx?m=2wP4G%2bLoHSs%3d

  26. Wouldn’t be surprised if Big Red pushes the price hike button today for the majority of Indiana (minus NW and near Louisville). If things hold with how they did Michigan and Ohio, guessing $2.19, $2.25 or $2.29?

  27. “Oil Prices Fall As Product Builds Overcome Crude Draw”. And summer blend production ends in a couple days, right? Won’t stop Speedway and Lassus Brothers though.

  28. “Oil Prices Fall As Product Builds Overcome Crude Draw”. “And summer blend production ends in a couple days, right?”

    Smoke em’ if you got em’….aka Raise the gas prices if you control em’

  29. Took two days, but the $2.399 spike is finally taking hold in sw Ohio.
    One last spike before the blend switch, although with the “scheduled maintenance” at Whiting coming up, we probably won’t see any appreciable declines at the pump any time soon.

  30. And does goes Whiting…almost as if they plan these “shortages”, isn’t it?

  31. http://money.cnn.com/2016/09/16/investing/gasoline-prices-shortage-pipeline-leak/index.html

    At the same time there is a major gas leak and shortage on the east coast. Like it’s just setup for a reason to cause a major spike. $4.99 here we come, because, “why not”.

  32. Beat me to it David.. yep old Greedway just can’t help bending us over and giving it to us anytime they can, even if the pipeline don’t affect us. Pipeline break this week, Tropical storm next week, 3 squirrels get loose at refinery the week after…..

  33. Just market forces at work says a guy whose name rhymes with WIN lol

    Big Red “went soft” on today’s spike…just a 36 cent jump. Wonder how Wichita fared??

  34. Wichita is currently at $2.067,same as yesterday, down 1.4 cents from last week, and 0.2 cents from a month ago. This date last year, they were at $2.010.

    Such volatility!!! I can’t wrap my head around it.

  35. Yep, family lives in NE Ark. Was 1.93 in the spring, 1.89 in July and 1.85 today. Their price swings are almost to much to take…

  36. Speedway spike in South Bend IN today to 2.25. Both Speedways by ND had dropped to 2.03 this morning. Costco $1.93 still. SBN avg 2.138.
    West side WMT & Pilot holding the Speedway to 1.93 for now. Meijer was 1.93 but has now spiked to 2.25 also.

  37. Nearly spilled my coffee when reading about the pipeline outage affecting the southeast & east. The article said “drivers could see a 10 cent increase in gas prices.” And that if the outage persists “drivers may end up paying 20 or more cents per gallon”. Booooo hooooooo.

    Wish they could experience our glorious world where with NO pipeline outages, just BIG RED’s crazy cycling swings gas goes up 36 cents per gallon. I believe it was during an outage Whiting last year that shot our prices up 90 cents.

  38. You’re right, Chris. Here’s the “damage”.

    “The average price of a gallon of regular gasoline in Georgia rose to $2.26 as of Sunday morning, according motorists’ advocacy group AAA, up more than six cents overnight and more than 15 cents in a week. Prices were up 4 cents in North Carolina to $2.136 and 4 cents in South Carolina to $2.011.”

  39. You tend to forget the squirrels are meaner up in Greedway country so they have to build that in for our .30-.40 cent weekly price jumps..

  40. Today the Pres. of Venezuela “leaked” word that a settlement is near completion with regard to output of oil. The market responded with a 2% uptick in the price of a barrel.
    Of course, Venezuela needs the price to go up in order to get a roll of toilet paper under $10.

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