Comment on the April 7 prediction: The hike to $3.79 came on Thursday the 10th, which took longer than I expected, so almost CORRECT.
Wednesday, April 17, 2024, 12 PM: I hesitated to write a post this past Sunday, given what was happening in the Middle East then and the unpredictable effect on oil and gas prices. But, it appears that the latest between Iran and Israel has settled down for now, so let’s see where we are at.
Oil prices have been holding constant at about $85 a barrel so far this month, and consequently, wholesale gas prices have also been holding steady near $2.80 a gallon. That price corresponds to a 0-cent margin price of around $3.30, and we have some stations in west Michigan near that price, particularly on Alpine Ave. Elsewhere, you can still find prices in the $3.70’s from the April 7 hike. As we have noted several times, it depends on how active the competition is in a neighborhood.
So, given the lack of volatility recently, any hike for the remainder of this week would go back to $3.79. I am doubtful that will happen unless Big M and Big Red get bored. -EA
South Bend IN – Greedway, Family Express & others to $3.79 today. Up $0.20.
SBN avg was 3.544. Costco $3.31.
Niles MI – a few miles N no change. WMT $3.39
Toledo, OH- We are holding steady at $3.75.
$3.89 in NW Indiana led by Family Express.
GPM has moved to 3.85 in Northern Michigan. 7-11 should follow with their Speedway stores and the smaller chains should follow.
$4.19/4.29 in Chicagoland. Margins are rising with this hike vs recent hikes.
“So, given the lack of volatility recently, any hike for the remainder of this week would go back to $3.79. I am doubtful that will happen unless Big M and Big Red get * greedy *.
FIFY!
$3.30-$3.67 range in Toledo. My guess is that the other shoe drops about 10am tomorrow.