Comment on Tuesday’s prediction:Â Â I was seriously WRONG, as prices shot up to $2.35 on Thursday.
Friday, November 3, 11:15 AM: You are only as good as your mathematical model, and the hike to $2.35 yesterday did not fit my model at all. Either my estimate of the wholesale price is way off all of a sudden, Speedway and friends are trying to improve their margins, or someone made a mistake at Speedway’s main offices. I think either the second or third theory is correct, so I am predicting prices to fall quickly over the weekend. Already on Michigan Avenue, prices are back to $2.19, and you’ll see the same elsewhere. Expect stations like Family Fare, Citgo, and Admiral to lead the charge. The 0-cent margin price this morning is just below $2, so dropping back below $2.20 is very possible.