Posted in: Gas Prices,
by Patrick DeHaan on Jan 17, 2011 12:05 PM
Evaluating last week's prediction for this week, I said "By next Monday, I expect the U.S. national average to rise to $3.09 per gallon while prices in Canada will rise to 112.1c/L." Looking at our latest GasBuddy pricing data, we show the U.S. average at $3.080 per gallon while prices in Canada are coming in at 112.0c/L. Somewhat surprising that U.S. prices barely moved this week.
While spot markets are closed today for the MLK holiday, electronic trading is open with light volume. Futures today are down slightly over a penny, but we saw wholesale prices rise late last week as I indicated on our Facebook and Twitter pages.
Having said that, retail prices haven't moved up much yet in response to last week's wholesale increases, so I believe that we'll see price increases this week in a wide area of the United States. To start the week off, we're seeing a price hike in Speedway States (Michigan, Indiana, Ohio, and Kentucky), which will be followed by increases in most of the country as the week progresses.
I have a feeling after the rally in futures last week, we'll start off the week with stability or little change. Last week's DOE report indicated a nice sized build in gasoline inventories, which will be focused more on as we approach summer driving season.
I expect that by next Monday, we'll see that U.S. national average rise to $3.10/gallon, while prices in Canada will rise to 112.7c/L.