Heating oil Price starts to stabilise


Tuesday 23rd May. Crude oils  have been slipping back over the last two days. Brent continues downwards and is now at $53.42 down $0.45 or 0.84%.  WTI  is also trading down, but above the $50 mark at $50.73 down 0.78%.  Bloomberg’s heating oil price at $1.5915 is down $1.06 or 0.66%. As we well predicted there were some increases in UK Heating Oil this week, we expect prices to tail off slightly during the rest of the week. 

UK heating oil prices took a heatingoilshop.com predicted leap upwards to 39.10ppl in the last two days. We do not anticipate any as high movements but, the chances of a tailing off are very strong. Prices are still better than November 2016. Oil heating is still the cheaper alternative fuel at the moment.  The blue logarithmic UK Average price trend is currently sitting at 38.90 ppl and is suggesting that a plateau has been reached.  There appears to be a sustained  tailing off of heating oil prices.

Over the last 7 days the average UK heating oil price has increased by 0.09 ppl to 39.09ppl with a 7 day average of 38.91ppl. Prices will tend to fall now after crude oil gains have waned over the last two days.   In England, prices increased by 0.11ppl to 38.51ppl with a seven day average of 38.32ppl.  Scotland has decreased by 0.49ppl over the week to 42.62ppl with an average of 42.84ppl.  Wales saw an increase of 0.31ppl to 38.36ppl with an average of 38.07ppl. Northern Ireland saw an increase of 0.34ppl to 37.13ppl with a 7 day average of 36.93. We are expecting the recent price rise to stabilise and fall by the weekend.


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