Comment on the November 11 posting: Further retail drops, as predicted. CORRECT.
Sunday, November 18, 2018, 5:00PM: In the past week, oil prices fell nearly 10%, wholesale gas prices not so much, but retail prices keep trying to find a floor. This evening, a gallon of gas is $2.16 on Alpine Avenue, northwest of Grand Rapids, which sits below what I calculate as the 0-margin price: $2.29. Because retail prices are all over the place (as high as $2.51 elsewhere in GR), I would not be surprised if Big Red and others decide on a pre-holiday price hike this week, to reset everything to $2.49, which is still wonderfully less than the over $3 prices we saw at the beginning of October. Best strategy is to fill up on Alpine on Monday. -EA
At least in Chicagoland, hikes in the 3 days before Thanksgiving are very unusual. I’m not sure I recall one. The closer it gets to the holiday, the worse the optics of a hike. Tuesday would probably be the latest it could happen.
some places NW ohio corridor down to 2.319 but plenty at 2.45-2.50. no justification for a pre holiday spike
7 cent rise is spot (8 for Chicago RFG) might tip the balance to a hike today.
RBOB down a dime today, and oil getting killed. Anyone got info on spot?
ChrisDG74…Spot report still n/a but wholesale for the Chicago area RFG was down more than 6 cents today. Maybe enough to keep a hike at bay until next week,
Just in (2 days worth of reports) CBOB spot down more than a dime from Monday’s closing to today’s as the surprise premium was rolled back.
Cincinnati avg is under $2.40 and up in Hamilton in places it is just a nickel away from breaking rgw $2 barrier.
Four stations in the Grand Rapids area at $2.00 even who’s going to take the plunge to 199 first!
To Citgo stations on alpine at 199 according to gasbuddy!
Couple Chicago area Speedways down to $1.99 and the Chicago area average is $2.26 Last hike was to a blended 2.88 average 5 weeks ago so the average is down more than 60 cents since then and still not in traditional hike territory here. Might be one of those sort of surprise hikes with nearly 1/4 of the stations below the price hike target I guess based on Friday’s NYMEX futures 12+ cents drop.