Comment on the October 27 prediction: Two days after my post, prices reset to $3.29 in Michigan, so the prediction was WRONG. Then, prices gravitated towards $3.
Sunday, November 10, 2024, 8 AM: My read of wholesale prices out of Chicago is that they have been pretty steady since Labor Day. Out of Detroit, there has been more volatility, as you can see on this chart, but they have been in a downward trend for the past six weeks. That Detroit trend has helped push prices noticeably below $3 in Michigan in certain places, like Greenville.
However, we continue to live in the higher-margin world in 2024, with less tolerance by those who define retail gas prices for the 0-cent margin price (which I estimate to be in the $2.60’s). With the election over, I think we’ll see an attempted reset in Michigan this week in the $3.19-$3.29 range, which would be consistent with how the Game has been playing out this fall. I would be looking to fill up below $3 today or Monday. -EA
Actually, since it’s end of year, we should be seeing prices drop through to January or February of next year, with the possible bump up during holidays (although by now I hope everyone realizes that’s a myth). While this is normal, I do think someone will take credit for it anyway.
Since it’s all about margins, I expect a return to $3.39 or so in Illinois tomorrow or Tuesday. Many Speedways here at $2.89 to $3.05.
Yep you were right Ed, despite RBOB down so far today, Greedway hiking to $3.199 in Indiana and $3.299 in Michigan.
$3.39 to celebrate Veteran’s day in Illinois.
$3.199 in NW Indiana
South Bend IN – Speedway x2 by ND went from $2.79 to $3.19 yesterday. $3.16 at 1 of them today. Family Express also to $3.19. Filled up at Costco for $2.66
Niles MI – WMT at $2.85
Wide range of prices in Fort Wayne. While almost everyone is at $3.19 after DeHaan’s interview on the Monday TV news talking about lower prices, there was a $.47 hike that afternoon. However, several stations came back down. Meijer on the west side this week I have seen $2.72, $3.19, $2.99 and today $3.09. The Speedway just up the road went $2.72 to $3.19, back to $2.69 and today at $2.64. I saw 2 Speedways in the Fort below $3, the other being $2.69 at the opposite end of the road from the cheap one. Not sure what is happening there, but I’m hoping to top off (again) tomorrow morning. Or gas uo in Ohio…still in the $2.60s, $2.70s there.
South Bend IN – Speedway x2 by ND down to $2.99 this morning with a game here tomorrow. 1 Family Express $2.99 but the next Family Express about 2.5 mi further is $3.15. That 1 likes to often be higher. Costco $2.69 only up .03.
Niles MI – WMT at $3.05
Back up to $3.29…a jump of $.50 and more in Indiana. Not sure what could have factored in to such a drastic spike on this last Monday of November…