Monday, April 4, 2005

I just updated my spreadsheets from Friday’s action on NYMEX, and I am getting frightened. Wholesale prices jumped 8 cents a gallon on Friday. In a few places on Saturday, there was a mini-hike to $2.35 (for instance, a Citgo on 28th street). There will be a price hike soon (today?!), and the worst case scenario is …$2.48 a gallon. Scary. A few hours after I posted this message, retail prices rose sharply to $2.43. So the prediction was CORRECT, but probably not helpful.