Posted in: Gas Prices,
by Patrick DeHaan on Dec 9, 2013 10:20 AM
Up one day, down big the next, up big next week- that's seemingly been the story while yours truly has been away from the desk. One day last week I noticed a massive 17-cent a gallon drop in wholesale prices in the Great Lakes, leading some prices down under $3/gal again, the next day a big spike.
The markets seem punch drunk, and believe me: motorists don't love it as much as they loved the 2002 flick featuring Adam Sandler. And after some time off, I feel like the markets moved in tandem with the weather in a certain city last week: all over the map.
It makes filling up more of a game than anything else, and it sure makes things a bit challenging for us here at GasBuddy- trying to explain every different trend in the country. It's a bit like forecasting how busy the afternoon rush hour will be in each city, anticipating accidents, construction, weather, etc. One day last week it seemed like the market was starting a solid move lower, only to suddenly see that trend dry up and see prices move higher.
In limbo. That's where prices will be this week across the country. Most decreases may dry up and and turn into increases, and some increases may give way to decreases. Point is that oil and gas prices, while volatile, still remain in somewhat a tight range. Oil seemingly has been stuck between $93-$97, while wholesale gasoline prices have remained in a similar locked position.
For this week, while the market seems to be moving towards a more bullish stance (and leaving me floored at how there's enough traction for such a stance), I think this week gas prices will be defined as punch drunk (with an absence of love).