$100 a barrel in sight, as is $3.49 a gallon

Comment on the January 30 prediction: Very CORRECT, as prices rose to $3.39 as predicted.

Sunday, February 6, 2022, 10AM: After seeing the price oil crossing over $90 a barrel on Thursday, $100 has to be next. Remember when it traded negative in 2020? Looking at the inflation-adjusted chart of oil prices (or this one), getting up over $100 has never been a good thing for the economy (recall 1980, 2008, and it was a drag on the economy during 2010-2014, which I still think was some sort of market manipulation issue). Short-term, we’ll see gas prices up a dime from the previous hike, over-and-over, until we don’t. Expecting $3.49 a gallon this week. -EA

Updated: February 6, 2022 — 9:44 am

10 Comments

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  1. Expecting $3.75 in the collar counties of Chicago tomorrow. Unless it is $3.79. Ugh!

  2. Gonna have to sell some of that Marathon oil stock I picked up at $4 a share just under a couple years ago, (now $21) to pay for today’s gas.

  3. With a dip in wholesale last night Speedway only went 4c above last week’s hike, with $3.69/3.79 coming in this afternoon in Chicagoland.

  4. $3.49 in NW Indiana led by Family Express

  5. CBOB/RBOB discount to NYMEX futures has ballooned to 24/23c as of yesterday. With the early warm season Chicago blend deadline ~2/25 I assume this discount represents getting rid of the dead of winter blend. After it passes, rises in spot should outperform NYMEX futures. We’re already on a once a wee hike diet here. Might get worse in March.

  6. South Bend IN – I saw 1 Family Express listed at $3.45 Tue or Wed but it quickly went back down. Currently the 3 Family Express are 3.25-3.35. SBN avg 3.356. Costco $3.19.

    Niles MI – WMT $3.26

  7. I’ve never used the word Greedway before but what else to make of a hike to $3.75 on a day when spot was down a dime things were already marginal for a hike $3.75 ($3.85 in Cook County)

  8. Spot down 30c this week since Greedway snuck in a hike in Chicagoland. Good times for northeast Illinois dealers.

  9. And BAM! $3.399 in Ohio. Spot plus almost $1.20. Seems about right. /sarc

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