Tuesday 2nd February 2021
Heating Oil prices fall. Spring cautiously approaches.
Cold weather kept prices high but have now stabilised and are starting to fall. In some parts of the country the renewed cold weather will determine your heating oil price well into February.
However, with that in mind it is wise for heating oil users to continual check their tank levels and get heating oil quotes from heatingoilshop.com when they need a top up.
Since our last report there have been big gains in Crude Oil prices. This, coupled with the poor UK weather in January helped push up UK domestic heating oil prices.
As crude oil prices seem to be moving up quite fast, now is the perfect time to make sure your tank has enough fuel to see you through the rest of winter. Before you order fuel ensure you are getting the best possible prices by using heatingoilshoip.com for multiple quotes.
Other Market Factors
New vaccines from both Johnson & Johnson and Novavax have added to bullish sentiment in oil markets as hopes of a return to normal grow.
UK Market Trends
Colder weather continues to dominate part of the UK heating oil prices in February.
Heating Oil prices fall as Spring cautiously approaches. But, next week will see a cold or very cold start. There should be a good deal of dry weather but snow showers are likely in the north and east. Some of them could be heavy, leading to accumulations in places. Nighttime frosts are expected to be widespread and severe in places. Later in the period outbreaks of rain, sleet and snow perhaps push into southern counties as it begins to turn somewhat milder. The north becomes dry but remains very cold.
Under these circumstances expect to see heating oil prices to remain at today’s level.
Ultimately, the good news is heating oil prices are still 12% cheaper than for the same period last year.
At this moment in time, we see distributor prices remaining at today’s level with any movements restricted to 10ths of a penny. Most distributors are quoting between 37ppl to 41ppl. Brokers are much higher and in the range of 41ppl to 44ppl.
UK Regional Analysis
Colder weather and crude prices are keeping domestic prices higher. UK heating oil prices have decreased by 0.78% this week. Over the last 7 days there has been an decrease in the average UK oil distributor heating oil prices of 0.31ppl.
At the moment distributor heating oil prices are trending down.
England – average prices down by 0.42ppl to 40.87ppl.
Wales – average prices fell by 0.57ppl to 42.81ppl.
Scotland – average prices down by 0.27ppl to 44.61ppl.
Northern Ireland – average prices fell by 0.03ppl to 34.75ppl.
Of course, the colder conditions in some of our regions are affecting prices. At the present time we recommend you check your heating oil tank regularly. Also check our daily twitter feed @ukheatingoils. You can request multiple quotes from heatingoilshop.com on a regular basis to avoid any possible imminent price rises.
Colder weather and crude oil prices continue to determine heating oil prices.
During the last 7 days, UK heating oil prices have fallen by 0.78% this week. This amounts to an average rise of just over 0.31ppl a penny after adjustments and vat.
Generally speaking we feel that UK heating oil prices have reached their peak and are now starting to fall as meterological winter wanes and spring approaches. Ultimately, if crude oil prices rise further there could be changes.
The continued cold spell in some parts of the country into the third week of February could be a game changer.