Expect prices to fall to at least $2.69.

Thursday, June 11, 2009, 1:15PM:  The extreme price jumps in the Chicago market continue to sort themselves out, and this report indicates that while NYMEX has been climbing (follow the UGA ETF for a quick read on that), Chicago wholesale prices have been falling.  So, using a $2.07 NYMEX/Chicago wholesale price, I calculate a range of $2.61-$2.82, which means I can comfortably predict that prices will continue to fall into next week, at least to $2.69.

7 Comments

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  1. Crude oil pushing upward is making me nervous….

  2. Ed, thank you, yes it should drop. That is why I Only purchased 10 gallons today.

  3. Prices on the lakeshore (Grand Haven) are already dipping into the mid 2.70s. If today’s selloff continues…possibly even lower prices??

  4. I’m a little skeptical of prices falling to $2.69 in Michigan over the weekend. They were hardest hit with supply issues, and are currently sitting in the mid $2.80s. Grand Rapids is worse, at $2.88. Other Speedway states like Indiana have a better chance, and should make it there. Indiana is down to $2.76, and Ohio is at $2.72.

    Here’s hoping we all make it down to $2.69.

  5. well, gas is around $2.49 where I live (virginia). I wonder how high they’ll get.

  6. Akron OH, prices were 2.65 going into the weekend and 2.69 coming out. =(

  7. Well, some stations in Kalamazoo MI area have fallen to $2.58 which is great. I don’t understand why the lowest in Grand Rapids MI has fallen only to $2.74. The risk for me is, to fill up today, or wait out the weekend and hope for lower prices on Monday.

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