Monday, November 15, 2004

I tend to criticize Speedway a lot, but they have been leading prices down from the $2.15 on October 25. Today a few Speedways are asking $1.82 or $1.83 for a gallon of gas, the cheapest in town. If this morning’s indications on NYMEX are correct, prices will continue to fall this week! As I post this, wholesale prices have dropped to $1.22, which converts to a retail range from $1.72 to $1.93. So, I think the most likely scenario is continued drops to the mid $1.70’s and then a price hike on Thursday to $1.93 or so. If this sounds a lot like what I posted last Monday, just with lower numbers, it is. And, like last week, I reserve the right to change this prediction if the action in the wholesale market changes. As predicted, prices rose on Thursday, to $1.95. CORRECT prediction.