The Return of OPEC

Comment on the June 12 prediction: It rhymes with DIRECT, yes we were CORRECT, as prices rose again to $3.09 on the 14th.

Sunday, June 24, 2018, Noon: For more than a generation, we’ve been dealing with OPEC decisions and statements. Some are like a mild breeze and don’t have any effect. Others, though, spark movement in the energy markets, and Friday was an example of this. Oil prices rose by more than $3 on Friday, and wholesale gas prices started to be pulled along, up five cents in one day. Combine that with prices falling below $2.89, and we are back in price hike territory, perhaps as soon as Monday. Looks like something like $3.09 again — fill up! -EA

Updated: June 24, 2018 — 11:45 am

14 Comments

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  1. dodged a reset in ohio last week as spot fell most of the week..however this weekend at 2.52 ‘break even’ and a lot of 2.49-2.55 prices around its right on the line. reset to 2.799 hopefully no more which is 15c less than the last spike which seems an age ago now.

  2. I’ll be pretty shocked if we don’t get a hike Monday in Chicago land. The gap for Speedway is about as large as it ever gets.

  3. Spiked to $2.99 here in Indy.

  4. On Schedule at $3.09/3.19 in Chicagoland.

  5. on schedule part 3 2.859 ohio. 37c margin tonight. awsome

  6. Seems odd that the spike line price for Indy is $2.52 and the speedway hike is up to $2.999? 48 cent margin? That’s as big as I can ever recall.

  7. From CNBC:
    “Crude prices jumped on Tuesday after the U.S. State Department ordered companies to cut all of their oil imports coming from Iran to zero by November.
    West Texas Intermediate futures for August delivery traded 3 percent higher at $70.19 per barrel, erasing earlier losses and breaking above $70 for the first time since May 25.”

  8. Not looking good Jeff. Looks like spot is on the way back up to reach or surpass its yearly high of $2.19 again soon. Guess we’ll have $3+ gas in central Indiana for the foreseeable future. So much for the OPEC output increase

  9. South Bend IN – Speedway by ND went from $2.69 to $2.99 yesterday.
    Costco went from $2.65 to $2.61.

  10. No GB Price Hike Alert yet but we have a red arrow pointing up in SE MI. Two of the nearby Speedways have risen to $3.09 within the past hour.
    Here are a couple of texts taken from the local online newspaper:

    Patrick DeHaan ??????
    ?
    @GasBuddyGuy
    #Michigan: you may want to fill your tank this morning. #GasPrices are likely to jump to $2.99-$3.09/gal today, mainly because they’ve fallen under replacement cost by a wide margin- some stations will have to raise 50c/gal or more.
    8:49 AM – Jun 26, 2018

    Patrick DeHaan ??????
    ?
    @GasBuddyGuy
    It looks like Michigan may have dodged a price hike today (hikes usually can be determined by noon ET), but still expecting it very soon.
    11:57 AM – Jun 26, 2018

  11. The third local Speedway has joined the $3.09 club while most everyone else is staying pat at this point even though their prices are right around the Spike Line, $2.78. With a .12 difference in SL and average there’s no doubt we’re in for an uplift in prices very soon. The remaining question is will there be one or two spikes, one Thursday and another Monday?

  12. SW MI Speedways and company seem to be content with 3.05 for now.

  13. With all eyes on the Middle East petroleum issues, one that has slipped notice is just to our north. Syncrude Canada, Alberta, has announced it will be offline through July. It’s capacity is 360,000 bbl/day and will be sorely missed in North America.

    http://www.digitaljournal.com/business/canadian-oil-sands-outage-shakes-up-global-oil-prices/article/525555

  14. Yea, funny that we we’re at 65 WTI and all of a sudden, hello 74. Good thing we have commodity futures trading to protect the market from unusual price swings ????.

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