Comment on the February 12 posting: The key to the forward-looking part of that posting was “any uptick in wholesale prices”, which didn’t happen, and retail prices continued to slide.
Sunday, February 19, 2023, 4PM: The year started with our typical annual script, with retail prices bottoming out before Christmas, and then a move upward in January, and we saw a hike to $3.45 on January 23. Since then, though, the classic winter surge stalled, and we have prices below $3 in several spots in west Michigan this afternoon. I’m not complaining, and let’s note that oil prices are down $5 a barrel since late January, too.
So, what’s next? We’re really in the same position as a week ago, where an uptick in wholesale prices would touch off a hike, but now it looks more like $3.29 than $3.39. NYMEX RBOB prices are a public way to keep an eye out for that uptick if it materializes. To play it safe, it would not hurt to fill up with $2.99 gas. -EA