Comment on the March 22 prediction: We did get a hike back to $3.59, sort of, but technically the prediction was CORRECT.
Sunday, April 2, 2023, 7:00PM: I was surprised to be notified by GasBuddy this past Tuesday that prices in Michigan were rising to $3.59. Seemed like we finally started to see competition driving prices down a bit since mid-March and the wholesale numbers weren’t suggesting a price reset was coming. And, in the end, it was an unenthusiastic hike that some areas didn’t really embrace. Alpine Avenue was back in the $3.40’s by Friday, and today during a drive in Montcalm County, I saw some $3.29’s. This week is another example of when one of the retail chains tries to lead a price hike, but the wholesale numbers don’t really back it up, the competition shrugs and the hike starts to fizzle quickly.
What about this week? As I write on Sunday evening, oil prices futures are trading notably higher. The news on the wire is that Saudi Arabia is leading the way this weekend on production cuts to get prices up. We’ll see in a day or two what the reality is. If true, we’ll probably head to $3.69 or higher later in the week. If true. -EA