Sunday 10th September. All crude prices had started to fall on Friday after rising in expectations of more severe damage in the US from hurricane Irma. Brent crude lost $0.24 or 0.45% and currently sits at $52.62. WTI has fallen to $46.85 down $0.037 or 0.78%. Bloomberg’s heating oil has now fallen back to at $1.7323 down $0.96 or 0.55%. Again, the market has been tricky at least and very uncertain as to where to go. We are still showing UK heating oil prices increasing as at today, but the level is now plateauing and we expect stabilisation if not falls next week.
UK heating oil prices have been steadily increasing over the last 14 days rising from 39.60ppl on day 1 to 41.45ppl on day 14 a rise of 1.85ppl over the period. This has put an average of an additional £18.50 per 1000 litre delivery. The rises are in part due to seasonal changes, crude prices and severe weather impacting refinery operations in the US. The blue logarithmic UK Average price trend is currently sitting at just over 41.40ppl and we think, has reached its peak to the point we expect prices to fall mid week.
Over the last 7 days the average UK heating oil price has risen by 0.51ppl to 41.45ppl with a 7 day average of 41.25ppl. In England, prices rose by 0.53ppl to 41.09ppl with a seven day average of 40.89ppl. Scotland has increased by 0.62ppl over the week to 43.94ppl with an average of 43.59ppl. Wales saw a fall of 0.09ppl to 40.95ppl with an average of 41.06ppl. Northern Ireland also saw the largest increase of 1.07ppl to 40.39ppl with a 7 day average of 40.17ppl.
We are of the opinion UK heating oil prices will stabilise 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.