Crude and Heating Oil Analysis
Tuesday 29th October 2019 and UK Heating Oil prices are down again after a 4 day period of increased prices. This also coincides with a gentle rise and fall in crude oil prices.
The oil market had demonstrated its inability to sustain a price rally much up until now but OPEC is receiving pressure from its members to increase production cuts at its next meeting in December. Market traders are giving no premium to geopolitical risk. Instead, weak demand dominates, and over supply looms. Brent is just above $60 again and OPEC and its allies meet on Dec. 5-6 in Vienna to review its production output policy. So, heating oil prices could rise significantly just before Christmas.
Brent price is down $0.33 (0.54%) today and is $61.24. WTI is also down $0.60 (1.08%) and is at $55.21. Octoberhas been a quiet month for UK Domestic heating oil purchases because of the milder weather, but, it is getting colder now. You’ll all need to keep an eye on pricing and request multiple quotes often from heatingoilshop.com. Go to our home page and half way down you’ll see live market trading positions. (Mon-Fri Trading hours)
Heating Oil prices are down today by $2.06 (1.05%) to $1.9412. As a result, we have seen average UK heating oil market prices fall today and perhaps stabilising. We do feel that they have reached their optimum price for the time being and will start to rise as colder, wetter weather trakes a grip.
Over the last 10 days heating oil prices have been gradually falling, then rising, and today reaching their lowest point since 20nd October. Today, prices have fallen 0.42ppl to 49.05ppl (inc vat) and are 0.67ppl cheaper than 10 days ago. Current prices some 12% lower than this time last year. We see prices stabilising but because of the looming OPEC meeting we could see them substantially rise right before Christmas.
Major deciding factors on prices in the coming weeks will still be the price of crude oil, and further OPEC production cuts, colder weather and availability of product.
Brexit will without doubt impact UK prices. But, the price is just as likely to rise or fall. Fuel supply is unlikely to be affected as 90 day stocks are held. Price volatility will be short-lived as markets will stabilise & business return to normal.
Keep an eye on your local price situation by getting multiple quotes from heatingoilshop.com,
#checkyourtank & make sure you do not run out of #HeatingOil and top up where necessary. Save money by getting quotes from a heatingoilshop.com distributor and not incentivised brokers.
Distributor vs Broker Analysis
Today, average prices for distributors fell 0.42ppl to 49.05ppl and average broker prices fell 0.83ppl to 50.47ppl. The difference between average distributor
#heatingoil prices versus average online heating oil broker prices is 0.42ppl inc vat. This means you can save an average of £2.10 on 500 litres or £4.20 on a 1000 litres buying from a distributor. This does fluctuate between broker and distributor and depends on your postcode and other charges made by brokers. There are many bargains out there, especially from suppliers. Remember, savings can change in an instant!
Wise up, cost more money. Brokers charge a variety of commissions, surcharges & admin charges or a mixture of all and these affect your final bill. Boilerjuice and Valueoils are notorious for loading quotes with delivery charges, commission and admin charges. All of which push up the PPL exclusive of VAT price. As you can see using a broker today, can cost you more and it does vary from day-to-day and from broker to broker. Individually some of the brokers can be cheaper than the average distributor price. That’s why it is better to choose multiple
#heatingoilquotes from HEATINGOILSHOP.com where the price quotes are free of commissions, delivery or other surcharges, and more competitive.
Today’s Broker Analysis
Average broker prices are down to 50.47ppl today. You can see from the above graph which brokers are charging the most today. Today, DirectOil, the online arm of Watson Fuels has been dominating the broker list for 3 weeks now with what we call “excessive” heating oil pricing at 58.04ppl (incvat) some 9.90ppl than its lowest priced competitor. Since World Fuels took them over heating oil pricing has been riduculously uncompetitive! and dare we say extortionate. Value Oils is next followed by Tanktopper. ValueOils recently increased their commission fees to £10 and charge delivery fees based on shorter delivery times. Boilerjuice, once the cheapest of brokers, have increased their prices by introdcing delivery charges on certain postcodes. The shorter the period the more you will pay. You will still pay their “fund our website” fee of £3.49.
Do you really want to pay an average of up to £49.50 more for 500 litres or an average of £99 more for a 1000 litres by buying from the most expensive? In the broker category we have seen low prices of 48.14ppl and highs of 58.40ppl (inc vat). (All prices are dependant on postcode variations).
We advise you all to steer away from brokers with excessive high pricing, commission charges and delivery charges. We did write to the parent company World Fuels in Florida but we have not received a reply. You would be better off comparing prices from heating oil distributors in your area using heatingoilshop.com. Remember, prices change regularly and are delivery postcode dependant.
31 Day Broker Price Analysis
Over the last 31 days up to 30th September, we have sourced broker prices at different postcodes. In the graph up, you can see which heating oil Brokers have performed consistently well or not so well over the month as regards pricing. There have been some changes since last month with TankTopper once again taking pole position. DirectOils is in second place with Value Oils in third place. One to watch. HomefuelsDirect continue to outstrip the competition by being on average 2.66ppl cheaper.
Our graphic is based on average prices for each brokers’ performance over the last 30 days. The best and worst performers during this period can be clearly identified. HomeFuels Direct remains the most consistently well and low priced broker by being 3.65ppl cheaper. for over 3 months now!
It has to be said that these are average prices at various postcodes over the course of 31 days. Each broker is compared with other brokers at the same postcode on the same day with the same load size. Moral of the story choose your brokers with care and watch their prices here.
You’re better off getting multiple quotes through heatingoilshop.com and comparing prices without having to pay commissions or admin charges. It really is time to get multiple heating oil quotes from heatingoilshop.com‘s suppliers and stop paying commissions to brokers. So, hop over to heatingoilshop.com to see if you can reduce your overall
#heatingoil costs this Winter.
Our advice is to keep those tanks topped up without paying commission or other charges being added. If you are low on fuel, less than 25% then you need to take action now and fill up at good prices.
UK Regional Analysis
Over the last 7 days there has been a decrease in the average UK oil distributor
#heatingoil prices on the week of 0.30ppl finishing at 49.05ppl.
#Scotland average prices fell by 0.69ppl to 52.67ppl.
#Wales average prices rose by 0.06ppl to 48.92ppl
#NorthernIreland average prices fell 0.29ppl to 46.44ppl.
Always check our daily twitterings on Twitter @ukheatingoils and follow us please.
For current price trends, head on over to heatingoilshop.com and get multiple #heatingoilquotes from suppliers to your area.
Heatingoilshop.com prides itself on not charging commissions, delivery charges and general website usage charges.
The average price table is a guide only and does not constitute an offer. As regional, postcode and supplier differences occur, we encourage you to obtain multiple and competitive #heatingoilquotes from heatingoilshop.com to get the latest deals and prices from the suppliers delivering to your area.
Please note, we do not charge suppliers or consumers brokerage commissions nor do we add surcharges like other sites.