Another Hike This Week?

Comment on Monday’s prediction: Pretty much CORRECT, as prices rose Tuesday, but I think they pulled their punches with $2.65.

Thursday, August 31, 2017, 4:30PM: The severe flooding in Houston is creating supply shortages in the gasoline market. That, combined with end-of-month contract expiration shenanigans, has led to a big spike in NYMEX prices today, and I am waiting for end-of-day information from Chicago, but at lunchtime, CBOB and RBOB were up several cents. Maybe they’ll surprise me and keep prices at bay through the holiday weekend, but I doubt it, and I predict another hike on Friday or Saturday. $2.79? Higher? -EA

Updated: August 31, 2017 — 4:34 pm

14 Comments

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  1. GREEDway in Michigan will hike to $2.999 IMO. I doubt it will be much less. They don’t even need the wheel of excuses this time, just watch the news. They will not miss this opportunity…..

    I smiled when I heard on the news that gas spiked $0.30 per gallon in Dallas. They talked like it was insane. Obviously GREEDway does not live down there. 🙂

  2. While prices are receding in Missouri and Kansas… Prices on the way back were lower than last week’s.

  3. 2.79 in Grand Rapids

  4. I saw $2.69 just south of Marion, IN on I69. Some midwest terminals are switching to winter blend fuel this week, so hopefully BP Whiting won’t be too far behind. Of course with elevated Spot levels and another big hurricane with a destination unknown, I’m sure we’ll have roller coaster gas prices for a spell until things settle down

  5. real knife edge right now..spot falling as things start to normalize hopefully as demand backs off and supply starts to increase. 2.50 is the going rate NE ohio corridor right now still on the edge of spike line. Topping off daily.. 2.479 on way home tonight, think the pressure is off for another back to back spike which looked likley at the weekend

  6. Headed to $2.69 in Fort Wayne. Gotta get a spike in when you can!

  7. Seems that Chicago spot is a little elevated for some reason. What’s going on at Whiting now? A new family of squirrels move in?

  8. $2.69 in South Bend IN yesterday. Costco $2.44 time for a visit.

  9. Spot has dropped to $1.75 so far today. Not sure if Hurricane Irma will cause it to shoot back up or if the slow return to normalization in Texas coupled with a switch to winter blend will take spot downward?

  10. Funny how the retail prices fall so much slower than the spot prices now, isn’t it?

  11. indeed..spots rapid fall wed/thur/fri has certainly padded out the margin quickly..last weekend we we looked like a double spike on the way. Todays pump rice here 2.489 , so its fallen 7c in a week..but hang on..spots fallen 27c…..

  12. Northern Indiana has seen a 4¢ drop at the pump with that 27¢ drop in spot. Northern Kentucky has seen a 20¢ drop at the pump since Tuesday.

  13. Some stations that spiked to $2.65/$2.69 are STILL the same price, despite the nice plunge in spot

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