by John Keller | May 9, 2014 | Fuel Software, Industry News, PriceAdvantage, Retail Fuel Margins
The OPIS report today revealed that the average retail fuel margin across the US jumped by $0.056 per gallon this week. That’s the largest jump since January 10. That’s also the third consecutive weekly increase. The average retail fuel margin is now $0.211 per gallon, the highest of the year, and the first time above $0.20 per gallon in 2014.
The year to date average is $0.156 per gallon, while both the quarter to date and the last six week averages are $0.152 per gallon.
The average retail fuel margin last year at this time was $0.144, so we are now $0.067 per gallon above this week in 2013. This is the first week we’re above the comparable week in 2013 since February 21.
Last year at this time there were two more retail fuel margin drops, so hopefully we can keep up the trend we’re seeing this year and make up for all those weeks when we were below the margins of last year.
by John Keller | May 6, 2014 | Fuel Price Management, Fuel Software, Industry News, Retail Fuel Margins
According to an article in Convenience Store Decisions, for the first time since February, the average fuel price for regular gasoline across the US is expected to drop. The author of the article is Brian Milne, Energy Editor for Schneider Electric, and he attributes the prediction to sliding gasoline futures, a drop in secondary wholesale costs, refiners returning units to service after an extensive turnaround season, a higher run rate at U.S. refineries, a continued growth in domestic fuel supply amid the boom in shale oil, and new pipeline capacity to the Gulf Coast.
However, since the US Energy Department announced there will be federal regional gasoline reserves created near New York Harbor and in New England this year in response to the disruption caused by Superstorm Sandy, Mr. Milne wrote that gasoline prices will find “upside pricing support” this summer.
The full article can be found here.
What does it mean to fuel analysts if this prediction proves true? It means retail fuel relief for the first time since February, and an opportunity for fuel retailers to catch up on their retail fuel margins. It means fuels demand possibly beyond the typical seasonal increases we see each summer. And it means some reassurance that if we get hit with another superstorm this year, we’ll be able to make it through without the dramatic impact we saw with Superstorm Sandy in 2012.
by John Keller | May 2, 2014 | Fuel Software, Industry News, Retail Fuel Margins
According to the latest OPIS report, the average retail fuel margin across the US rose $0.01 per gallon this week to $0.155 per gallon. That’s the second consecutive margin increase returning the average back to levels last seen one month ago.
The year to date average is $0.153 and the quarter to date average is $0.140 per gallon. The six week average is $0.145.
The current average retail margin is now $0.007 less than this week last year. The weekly fuel margin in 2014 has been below 2013 every week since February 28. The gap between this year’s and last year’s margins is now the smallest since that week.
We look forward to the margin trend line of 2014 crossing above the 2013 trend line next week.
by John Keller | Apr 23, 2014 | Customer News, Fuel Price Management Solutions, Fuel Pricing Software, Fuel Pricing Technology, Fuel Software, PriceAdvantage
PriceAdvantage customer in the news: Sheetz President and CEO Joe Sheetz has been named the vice chairman of the National Association of Convenience Stores’ (NACS) Research Committee. This announcement was reported by Convenience Store Decisions here.
This NACS committee directs the NACS research and development initiatives and programs to promote the ongoing competitive viability of the channel.
“I am honored to be entrusted with the leadership of my family’s company,” said Joe Sheetz. “The vision of my uncles Bob and Steve fueled Sheetz for more than 60 years, not only to stay in business, but to help move the entire industry forward. Add to that the drive and focus Stan brought to this position and I suddenly find myself with quite a legacy to preserve.”
Sheetz Inc. operates more than 460 locations throughout Pennsylvania, West Virginia, Maryland, Virginia, Ohio and North Carolina, and is regarded as one of the industry’s best c-store companies.
Sheetz has been a PriceAdvantage customer since 2009, when they estimated PriceAdvantage would save them $141,000 each year, as well as add 50 hours of customer face time per year for each store manager. The combined solution of PriceAdvantage with Skyline electronic price signs has been a tremendous success for both Sheetz and PriceAdvantage over the years.
The PriceAdvantage team is proud of our partnership with Sheetz, and we look forward to our continued joint success as we lead the c-store industry together.
by John Keller | Apr 18, 2014 | Customer News, Fuel Pricing Software, Fuel Software, Industry News
PriceAdvantage customer Rutter’s has won many accolades for a range of North American awards. Now Rutter’s is a nominee for convenience retailer of the year, one of only two nominees from the United States among a list of 14 nominees representing countries throughout Europe and South America.
The NACS Insight Convenience Retailer of the Year award recognizes excellence in convenience and forecourt retailing on an international stage by celebrating the best convenience retail formats from around the world.
People, technology, rewards and food are the key elements in Rutter’s strategy of delivering a world-class convenience store. The PriceAdvantage team has worked closely with Rutter’s for seven years, and we can speak from first hand experience that their use of technology is second to none.
Check out the Rutter’s entry here. We think their entry is so compelling, you won’t be able to resist casting your vote for Rutter’s.
by John Keller | Apr 8, 2014 | Customer News, Fuel Software, PriceAdvantage
The PriceAdvantage team would like to extend a warm family welcome to Kwik Chek / McCraw Oil, our latest partner and customer. Kwik Chek and McCraw Oil are based in Bonham, Texas, northeast of Dallas, and have locations throughout Texas and Oklahoma.
Kevin Smartt, CEO of Kwik Chek and Bill Wilson, President of McCraw Oil were looking for a fuel pricing solution that could find additional margins and efficiencies in their business. Smartt and Wilson needed a tool to reduce the time it takes to get data from the stores and then quickly turn around a price change to their Gilbarco and VeriFone POS systems. After months of evaluating various solutions, they decided that PriceAdvantage SMART Fuel Pricing was the best in class. They found that PriceAdvantage not only automated this process but also provided the price change confirmation feedback that was critical.
“We selected PriceAdvantage because their team understands our business needs and ultimately provides the best out-of-the-box solution giving us optimal fuel pricing control and management,” said Smartt.
“With our dealer locations we were experiencing delays in getting our pricing strategies implemented in a timely manner. PriceAdvantage allows us to be proactive to market changes, and gives us the pricing accountability and efficiency we need. This will allow us to capture additional profit for both our dealers and for McCraw Oil,” said Wilson. “We’re excited to begin the roll-out and look forward to a quick implementation.”
This implementation also includes the PriceAdvantage integration with PDI Enterprise.
Kwik Chek CEO Kevin Smartt is a member of the NACS Board of Directors, also serving on the NACS Research Committee along with Edward Holmes of Holmes Oil Company, Varish Goyal of Vintners Distributors, and Joseph Sheetz of Sheetz Inc., all of whom are PriceAdvantage customers.
Welcome Kwik Chek and McCraw Oil – we look forward to our mutual ongoing success together!
