Comment on the October 29 prediction: Pretty much CORRECT, as prices rose to $2.69 on Monday.
Wednesday, November 1, 2017, 9:30PM: Wholesale prices in the Midwest are a runaway train this week, and we’ve already seen a jump in Indiana today. Michigan should see prices rise on Thursday, somewhere in the $2.79-$2.99 range. What is going on? A huuuge growing mess of shortages, according to Reuters, and no obvious relief in site. Fill up again! -EA
The squrrils are out here comes the raise 2.89-3.05 on east side of state
coming our way,.. probly this afternoon,… Happy Turkey too one and all,.,..
Daaaaaa///
OMG alert…..spot actually down at mid day 2 cents
Shortages galore! I had to wait in line at Costco to buy gasoline.
Cheap gasoline that is. Expensive gasoline is available everywhere else.
Gotta love the free market invisible hands ????
hopefully the fall in spot today takes the pressure off… NW ohio rt 20 corridor around 2.62-2.66 so back in the ‘above spike line’..just
hopefully some normality to return to great lakes region in next week or so
Saw an article dated 24 Oct that indicated temporary fixes had been put on the Explorer Pipeline with permanent repairs place by the 26th. It indicated that it would take 11 days for oil to be transported up the line from the Gulf to Chicago.
The Refinery Status section on this site also seems to show Whiting as being Green, or fully operational.
Can the last two days of falling Spot mean the inventory is moving back up and relief is on the way?
Well, after my reprimand in the last thread, I would expect the data to show prices dropping immediately….
Up to 2.79 in Michigan today
Amazing that it wasn’t until Tuesday, but $2.79’s are sprouting here in Michigan.
How much of this reset can be attributed to, or a reaction to, the Saudi issues of yesterday that caused a $1.16 upswing in WTI? Patrick DeHaan, in a post on GB yesterday, confirmed that the permanent repairs are in place on the Explorer Pipeline. (But, it still takes 11 days for the product to reach Chicago.) He also indicated a much higher demand than is normally seen at this time of year, causing a huge draw down on gasoline inventory in the Midwest.
Until today’s reset I had seen a drop in retail in eastern Washtenaw County of .16/gal.
No spike yet in Central Indiana.
Some stations in West MI have yet to jump. Still holding around 2.59.
Muncie, Indiana going to $2.79
Yea, good thing the pipeline was repaired…
Reprising $2.85 and $2.95 in Chicagoland
Parts of Ohio have joined the club. Back up to $2.69.
One year ago Saturday, my Facebook page says I paid $1.79. Unleashing America’s energy sector sure has helped the upper Midwest.
Driving through Oxford, Ohio last night. They were in for quite a shock. Prices jumped from 2.219 to 2.699 last night.
Spot is down more than 10 cents at mid day. Maybe this will help wipe out the spike from a couple days back
A little early Christmas present to the retailers.
By the way, I got slammed talking about how prices don’t go down in the upper Midwest when supply disruptions are alieviated…looking at nearly 40¢ over the spike line right now…how we doing with those lower prices now that the supply was returned a while ago?
Speedway’s timing couldn’t have been better with spot now down nearly 16¢ since a Monday hike in a good number of their markets. Making off like bandits.
NW ohio rt 20 corridor update
the “speedway spike” of Monday seems to have been very limited
most speedways that went to 2.699 already backed off 10 cents
end of street station was 2.499 monday ..2.419 tonight
enough said….
The data says spot prices down 44¢ since Nov. 1, retail prices still at same as Nov. 1. Good thing prices come down just as fast as they go up…
with chicage spot now trading normally at a few cents under RBOB some stability appears to have returned to midwest..and some opportunity still to rake in the $$$$. A few NW ohio rt 20 corridor hotspots are under $2.40 a gallon..a lot though still $2.55 plus. Given the latter is still 20c above the line and its a holiday week next week seems no justification for any further spikes- so will continue to seek out the lowest prices
I’m still seeing several area stations at $2.75. Good thing there’s other options a few miles away in the low $2.50 range. Nothing like trying to stick it to the consumer with spot at $1.69
There will always be bad apples in every industry, don’t judge all of us for the actions of some. I will ask a question that I have asked many times before with little response. How much should we be making per gallon??
The obvious answer is not an actual number, but retailers should make whatever the market will allow. Given all the overhead, fixed costs, in store snack sales, and competition. I once worked for an independent electronics retailer back in the 1970’s. He used to tell me that it was never what you could sell something for, but what you could buy it for.
The question is, how much money are you independent retailers NOT making from people like me who will go out of their way to NOT spend any money in any retail gasoline establishment, branded or independent.
Turbo, I’m one of the never visit in the store guys too. But my favorite station, 3 out of 4 inbound vehicles, drive up to spaces at the building, and 2/3 of the vehicles at the pumps come out of the store with more than a receipt. Good for me, I guess.