Wednesday, December 10, 2014

Retail gas prices drop as commodity prices bounce

$2.59 gas came early on Saturday.
All four stations lowered their price for regular to $2.59 today.  Surprise!
Yesterday, the price of gas fell again, as the corner station and one of the three stations down the street lowering the cost of regular to $2.55 and the other two stations to $2.52.  Unlike last time, this price drop wasn't such a big surprise, as Gas Buddy showed the Detroit average falling from $2.70 to $2.63 on Sunday and then to $2.62 yesterday.  It was time to prices to drop to $2.52.

The lower price at the pump reflects lower prices for crude oil and RBOB with Oil-Price.Net showing WTI closing at $63.82, Brent closing at $66.84, and the spot price closing at $1.72--and those prices were all up from their closes on Monday.  Stay tuned to see if Tuesday's price moves signal a bottom or were just a coordinated dead cat bounce.

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