Comment on the July 19 prediction: We did get a reset to $3.69 on Monday the 24th. I would not have been surprised if that hike had happened over that weekend, but I’ll score this as more-or-less CORRECT.
Sunday, July 30, 2023, 5:00 PM: This has been a good month to invest in oil futures, as we have jumped from $70 a barrel at the beginning of the month to $80 now, a 14% increase. Of course, gas prices have followed, and Fort Wayne tells the story: $3.16 on July 1, $3.66 today. To be fair, that $3.16 reflected some sort of retail gas war going on. Prices in west Michigan have been bouncing around from $3.29 to $3.69, but they are back to the high point for 2023.
What’s next? I am not thrilled to see that wholesale prices have continued their move upward (reflected by new highs for $UGA), so we have a good chance that we’ll see $3.79 this week. A good place to fill up in west Michigan, in the low $3.50’s, is the Jenison/Hudsonville area. -EA