Friday 1st September. Crude prices over the last 4 days have steadily increased as the effects of Hurricane Harvey are now known and continue to ravage east central states. However, the price has steadily moved down, Brent crude has lost $0.24 or 0.45% and is at $52.62. WTI is down to $46.86 up $0.37 or 0.78%. Notably prices today are lower than previous Sunday. Bloomberg’s heating oil did rise in line with crude prices and it is gradually falling. Currently at 1.7323 is down $0.96 or 0.55%.
UK heating oil prices have been very erratic over the last 14 days and recently showing an increase due to Hurricane Harvey. Today is the start of the heating season. We have seen heating oil prices gain an additional maximum of 1.33ppl and continues upwards for weekend pricing. However, with the fall in Crude Oil prices we expect these to drop possibly later today or Monday the 4th. The blue logarithmic UK Average price trend is currently sitting at just over 40.32ppl and is still showing a much more slower upward trend. We expect heating oil prices to drop possibly over the weekend but definitely Monday.
Over the last 7 days the average UK heating oil price has risen by 0.65ppl to 40.32ppl with a 7 day average of 39.80ppl. In England, prices rose by 0.28ppl to 39.52ppl with a seven day average of 39.30ppl. Scotland has increased by 0.19ppl over the week to 42.70ppl with an average of 42.56ppl. Wales saw a rise of 1.16ppl to 40.54ppl with an average of 39.67ppl. Northern Ireland also saw an increase of 0.20ppl to 38.48ppl with a 7 day average of 38.31ppl.
As the storm rages on it is unclear at the moment what heating oil prices will do, however the indications at this present time shows they will drop slowly over the next 3 – 4 days. Our recommendation is to keep on top of those oil quotes and use heatingoilshop.com to let you stay informed.