NYMEX traders on another planet?

Comment on February 19 prediction:  So, the day after a price hike, NYMEX prices jump 10 cents, so you’d think we’d get another hike.  No, that would be WRONG.

Saturday, February 23, 2008, 6:45PM:  Estimate of wholesale price using NYMEX:  $2.60.  Estimate using AXXIS:  $2.45.  That’s quite a difference!  The past several weeks, $2.40 on AXXIS has corresponded to about $3.09 retail, so now we see why prices didn’t rise on Thursday.  In fact, looking at the national map, it doesn’t look like the jumps on the future markets have shown up anywhere in the country.  Going into this week, then, it isn’t clear if we’ve got a price hike coming or not, so no prediction.

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