We left it till late Friday 17th 18:00hrs to see how the crude oil market panned out so we could make our report. Whilst there is some miniscule recovery today all Crude Oils are taking a hammering. Brent Crude is up to $51.77 up $0.03 or 0.06%. WTI is still well below the $50.00 mark, but trading up at $48.81 up $0.06 or 0.12%. Bloomberg’s heating oil price at $1.5096 per gallon is up by $0.53 or 0.35%. The price for heating oil has crept up on the markets but that is because temperatures on the Eastern Seaboard at 14:00 local time is 5°C. As far as the UK is concerned we are now past the traditional heating season and heating oil prices will continue to stabilise. However, a word of warning the temperature herein the next two days is set to drop.
Over the last 14 days the average UK price ranged from 43.50 ppl to 41.50 ppl. This week saw UK average heating oil drop a 1.25 ppl, 2.00ppl in two weeks. The blue logarithmic UK Average price continues to trend downwards and just below the 42.50 ppl mark, but we know prices over the UK are in the 41.00 ppl – 42.00 ppl range. The milder weather, and the poor performance of crude will continue to force heating oil downwards.
Over the last 7 days the average UK heating oil price has tumbled by 1.24 ppl to 41.60 ppl with an average of 42.38. In England, prices fell by 1.45 ppl to 41.33 ppl with an average of 42.21 ppl. Scotland has surprisingly increased by 0.18 ppl and is at 44.04 over the week with an average of 43.97 ppl. Wales saw a fall of 0.66 ppl to 41.70 ppl with an average of 42.02 ppl. Northern Ireland saw a fall of 1.50 ppl to 39.14 ppl with an average of 40.07 ppl.