Saturday 28th November 2020
Order your Christmas heating oil now as prices rise and the rush starts.
Our concerns are for delivery delays leading up to Christmas. Ultimately, Christmas deliveries do put pressure on distributors. so, we highly recommend getting heating oil quotes much earlier this year.
Oil prices are set for a fourth consecutive weekly gain as positive vaccine news and hopes of an OPEC+ production cut extension boosts bullish sentiment.
Oil prices have held on to recent gains despite Covid-19 headwinds. Investors are growing increasingly optimistic and looking beyond the immediate crisis.
OPEC+ are leaning towards 3-month extension, although not every member is on the same page. Oil prices are holding firm on expectations that the group avoids letting production cuts ease as scheduled in January, and instead pushes that off until the end of the first quarter at least.
UK Market Trends
In essence, distributor heating oil prices are still 35% cheaper than for the same period last year. Bargains are still to be had as we approach the Christmas festivities. However, as we edge closer to Christmas and Winter we find prices are also moving up.
Heating oil prices rise as Christmas rush starts. Overall, heating oil distributor prices rose 1.17ppl on the week. The lowest price to be had was on Tuesday when it was 28.58ppl. Take note, the heating oil price trend is now rising in anticipation of colder weather and possible supply issues during lockdown.
Inevitably, as we see demand for heating oil increase as we approach Christmas so will prices and delivery delays. So, buy heating oil now and fill up. Buying heating oil is all about timing!
UK Regional Analysis
UK heating oil prices have increased by 5.99% 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 1.80ppl finishing up higher today at 31.87ppl.
At the moment distributor heating oil prices are rising faster than expected.
England – average prices rose by 1.89ppl to 32.69ppl.
Wales – average prices rose by 0.60ppl to 33.15ppl.
Scotland – average prices rose by 1.43ppl to 36.04ppl.
Northern Ireland – average prices rose by 2.01 to 28.86ppl.
Order your Christmas heating oil now. Heating oil prices have moved up in all regions faster than expected. To keep advised on heating oil prices we recommend checking in on our twitter feed.
During the last 7 days, average UK heating oil prices have risen by 5.99% this last week. This amounts to an average rise of 1.80ppl after adjustment and vat.
At this moment in time, heating oil prices continue to trend up. This has followed on from stock market and crude oil price gains in the last week. Generally speaking, we see domestic prices possibly rising further as the Christmas rush starts.
We could also see prices rise due to delays in delivery days, anticipated cold spells as well as the OPEC meeting next week.
Order your Christmas heating oil now. The traditional rush to fill tanks has started and has only 21 delivery days left as of today. So expect higher heating oil prices as we nudge towards Christmas.
As of today, the UK heating Oil price of 31.87ppl is 17.13ppl lower than this day a year ago. Not only that, 4 years ago the price was 40ppl, 8.73ppl dearer. As such, this is still a great opportunity to reduce heating (and cooking) costs subsatantially. Without delay take full advantage of the lower prices now. Buy heating oil now as cold weather is on its way and prices rise!
The major key deciding factors on prices in the coming weeks will still be the price of crude oil, colder weather and delivery issues. These will play a major role in low heating oil prices continuing.
Distributor vs Broker Analysis
Order your Christmas heating oil now. Average prices for distributors rose 1.80ppl to 31.87ppl on the week. Similarly, average broker prices rosefell by 1.72ppl to 34.02ppl.