Comment on the May 8 prediction: Completely WRONG, as prices did not soar to $4.69, and in fact started slipping to $4.19. But, as I write this late Sunday afternoon, there are $4.49’s appearing in west Michigan!
Sunday, May 15, 2022, 5PM: I don’t like to be WRONG, but this is the second Spring in a row as hikes, or lack of hikes, don’t correspond very well to my prediction methods. (In contrast, everything was going right in 2018, and the price volatility of 2020 doesn’t count.) In particular, despite the awful inflation this year, it looks to me that retailers have been in no hurry to pass along their higher gasoline costs, and when they do so, they wait until Sunday afternoon instead of the classic Thursday, 11AM price reset. Today is the latest example, as so-called wholesale “rack prices” for Chicago spiked a week ago, but we were spared higher prices until now.
Of course, I am not asking for higher prices, but there must be another piece of the gas price puzzle out there that is keeping prices from being worse. Perhaps supplies are better in Michigan than in Chicago. Or maybe there are some behind-the-scenes complaining by elected officials. Or, maybe whoever was hired during the pandemic to be in charge of pricing for Big Red and their friends only works the weekends.
I’ll keep monitoring the situation. -EA
I think that you need to give more consideration to the sale of Speedway to 7-11. They are no longer leading the hikes in Michigan, GPM has taken that spot with their variety of brands. Keep an eye on Admiral and Next Door Food store locations, they are moving a day or two before Speedway lately.
GetGo is up to $4.59 at several central Indiana locations today per Gasbuddy. Other’s are following their lead.
RBOB now over $4.00. Gonna get ugly.
$4.59 in Northern Michigan
$4.99 NW indiana jump
Seeing Circle K-Shell entity going to $5.15 this morning. No movement yet from Speedway.
Speedway up to $5.15 in the collar counties and $5.25 in suburban Cook County
BP and UDF are introducing a $4.499 reset for SW Ohio this morning.
$4.49 in Ohio. Seems too low.
$5.15 for Chicago was a little high (5c) when set yesterday afternoon. Then wholesale dropped a dime last evening. Now RBOB futures are down 15c. Margins will be wonderful.