Knocking the Board Game off of the Table

Comment on the March 4 prediction: Although we were living in price-hike territory most of the week, we never saw that jump in future prices that would have triggered a hike. WRONG again.

Sunday, March 8, 2020, 7:00PM: We have moved into a time of extremely unstable markets. As I type this, oil futures are down 20+% in Sunday night trading. That could be the panic selling that marks a bottom, or it could be something more ominous. Stock futures aren’t looking so hot, either. It’s like when you are kids playing Monopoly, and your brother is losing and knocks the board off the table. The easy prediction is more and more gas prices below $2, but there is no clue as to when prices will stabilize. -EA

Updated: March 8, 2020 — 6:50 pm

6 Comments

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  1. Just filled up at $2.11 at Ypsilanti’s Meijer for $2.11/gal. Seeing lots of $2.09-2.11 during my trip to and from Ann Arbor this morning. There was a report on the radio of a station in Warren, by Detroit, selling for $.93.

  2. There are many stations in the Lansing area that are sub $2.00. It’s probably going to be at least Wednesday before we see prices under a buck, but by then everyone will have likely perished.

  3. Correction!!! Just re-read my post. The gas was $1.93, not .93!

  4. CBOB reported closed at 99c a gallon today which would be down 24c more.

  5. I just filled up for $1.99 here in Indy. We may have a spike up here and there if prices fall too fast at the pump. But demand is way down worldwide due to the virus, and there’s rumor that Saudi Armaco is planning on dropping oil to the floor. Expect gas to stay low for a little while.

  6. Interesting article that helps explain the glut and low prices: https://www.nytimes.com/2020/03/09/business/energy-environment/oil-opec-saudi-russia.html

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