Saturday 10th October 2020
Heating oil prices have risen by 5.6% this week.
Oil trading markets prices posted strong gains this past week. Friday morning the market opened slightly down. However, WTI was trading at nearly $41 and Brent was close to $43. Crude oil closed up 9.6% on the week as oil production in the Gulf of Mexico shut down due to an impending storm.
Hurricane Delta made landfall in the US state of Louisiana last night. The state is still recovering from the damage caused by a previous hurricane in August..
UK Market Trends
Autumn heating oil bargains are still available this weekend despite UK prices rising 1.51ppl in 7 days. Take note though, heating oil price trend is rising.
Although prices continue to be at an all time 4 Year low, demand is rising. The good news as at today is that prices are around 47% cheaper than this time last year. Inevitably, we will see further demand for heating oil increasing as the weather becomes cooler.
At this moment, we see distributor prices remaining at these levels for a while. Most distributors and brokers are quoting between 26ppl to 32ppl.
There has been some recovery in the UK market and oil distributors are still very keen with their pricing and hoping to gain your business.
UK Regional Analysis
UK heating oil prices have risen by 5.6% this week. Over the last 7 days there has been an increase in the average UK oil distributor heating oil prices on the week of 1.51ppl finishing up at 28.30ppl.
The distributor heating oil price market is rising slightly.
England – average prices rose by 1.58ppl to 28.67ppl.
Scotland – average prices fell by 1.35ppl to 32.63ppl.
Wales – average prices rose by 1.89ppl to 29.09ppl.
Northern Ireland – average prices rose by 1.32ppl to 26.24ppl.
To keep advised on heating oil prices we recommend checking in on our twitter feed. You can also request multiple quotes from heatingoilshop.com on a regular basis to avoid any possible imminent price rises. Always fill heating oil tanks on lower price.
During the last 7 days, UK heating oil prices have risen by 5.6% this week. This amounts to an average rise of 1.51ppl after adjustment and vat.
Cooler weather has arrived and while heating oil prices creep up rising crude oil prices may push UK prices are higher. At this moment in time, we do not see any signs of a price hike next week, more a stabilisation.
Crude oil prices are floating higher, but still in a tight band. It should restrict growth in crude oil prices next week. At the same we hope it will have little effect on the UK heating oil market.
Despite the fact that prices are flat they are 12.0ppl lower than 4 years ago when they were 40.3ppl. As such, we highly recommend taking full advantage of the lower prices now.
The major key deciding factors on prices in the coming weeks will still be the price of crude oil. Availability of product, the weather or delivery issues can play a major part in heating oil prices too.
Keep an eye on your local price situation and get multiple heating oil quotes from heatingoilshop.com. Regularly check your tank & make sure you do not run out and top up where necessary. Save money by getting quotes from a heatingoilshop.com distributor and not incentivised brokers.