Comment on the November 22 prediction: No hike last week, and the prediction was CORRECT.
Sunday, November 29, 2021, 10AM: Although the media likes to use terms like “crash” and “plunge” when it comes to drops in markets, I want to save those words for special occasions. In the energy markets, Friday was a special occasion, with a barrel of oil going from $78 to $68 in one day, almost 13%! That’s a “plunge”, and if this continues this coming week, then we can use the term “crash”.
What happens next? First, my opinion is that the plunge was an over-reaction to the news about the Omicron variant of COVID-19. Facts about this new variant, based on data, will come out over the next several days and weeks. There is a lot of “could be more transmissible”, but with “mild symptoms”, and the gaslighting on Twitter has started. We should be prudent, but make sure we know what the facts are.
Second, if oil prices remain below $70, gas prices will fall, but not with the same velocity. As I wrote last Monday, you should be able to find gas under $3 if you know where to look, and those places above $3.40 still need to get with the program. -EA
RBOB back up 12 cents this morning. Oil up 5%.
Crude back down to $70 and change as of 11:20 this AM. Looks like attempts to drive up the price is losing steam for now.
Big crisis last Wednesday as several stations ran out of gas. The local news outlets and Debbie Downers were all over this. The weekend and this week so far has seen the number of ‘out of gas’ stations all but disappeared.
It turns out most all of them were Kroger stations. I was in a Kroger mess Wednesday afternoon as available parking places was at a premium. I’m no rocket scientist but it seems if you have a packed Kroger superstore and a significant percent of the crowd going Krogering then heading to the gas pumps, gas supplies are going to dry up at some point.
Huge drop in rack price tonight, can’t wait to see it at the pump!
Wholesale reported by Axxis for Chicago down 21c today.
Welp, so much for that huge drop.
Family express in NW jumping up to 3.39. So far speedway has not joined in. Looks like greed express is trying to take the title?
Ohio going to $2.999
I should clarify – it’s Thornton’s stations, the lower-priced ones. They went from $2.699 to $2.999 overnight. Nothing from Speedway (YET).
I see a few Speedways near me that went from $2.98-3.09 up to $3.19 in a mini hike. Others in Chicago suburbs are still 30-40c higher than that following the last hike 2-3 weeks ago having failed to ever lower prices from $3.59 in some cases. Before this mini hike Speedways had an 80c price range in Illinois. It’s down to 60 or so now.
All the Speedways here in NE Illinois that were under $3.19 yesterday (as low as $2.98) went to $3.19 this morning. The majority are above $3.19 (some as high as $3.75!) and moved neither up or down.