Comment on Friday’s post: No, prices did not fall much. In fact, we got a scary price hike to $3.49 on Tuesday the 15th.
Wednesday, May 16, 5:00PM: Working backwards from the $3.49 price hike gives a wholesale price of about $2.70. From a site with some Midwest wholesale prices on it, it appears that $2.70 is correct. That’s 40 cents higher than the NYMEX price! The news isn’t much better today, as NYMEX and Midwest wholesale are up another 3 cents today. But that’s not enough to give us another price hike tomorrow. I predict no hike until at least Monday, and some falling prices, unless something goes crazy tomorrow.