Thursday 8th February 2018. The price of crude oil continues to drop. Brent Crude has fallen by $0.48 or 0.73% to $65.03. WTI, is $61.31 down $0.48 or 0.78%. The EIA reported a build of 1.9 million barrels in U.S. crude oil inventories for the week to February 2. The report comes a day after the release of the latest Short-Term Energy Outlook that saw the EIA projecting local oil production will hit the 11-million-bpd mark later this year, with the average for the year seen at 10.6 million bpd.
The #heatingoil price has also fallen and is now at $1.9194 is down $1.19 or 0.62%.
There will no doubt be some reaction sooner than later from OPEC as the crude oil price is undermining those countries budget plans.
The #heatingoil retail market price has fallen steadily since 20th December 2017 with a couple of small glitches since then. Fortunately, in today’s UK market the overall #heatingoil trend is downwards and heading toward 48ppl. This is despite the last 3 days when we have seen a rise in prices due to the cold weather. And, the weather forecast is much the same for at least another 12 days. Current average UK heating oil prices have now risen by 0.54ppl over the last 14 days.(Regional prices may vary). Now is a good time to #checkyourtank levels and refill if necessary. There are many opportunities, to get #heatingoilprices at very competitive rates with good customer service from our 200+ local suppliers and without commission and surcharges added onto your bill!
The blue logarithmic line continues to show a continued gentle downward trend. We are not sure how much longer these prices can be sustained as the amounty of fall in ppl is becoming less.
Given the fact that crude oils have fallen sharply over the last few days due to market pressures it would seem odd that heating oil prices have risen. Primary reason for the rise is the very cold weather we are currently experiencing here in the UK. Over the last 7 days, the average UK #heatingoil price rose by1.14ppl to 49.98ppl following increases on 6th February. The weekly average also rose to 49.98ppl. In the regions, England bore the highest increase of 1.34ppl to 49.76ppl with an average of 48.94ppl. In Scotland prices rose by 0.25ppl to 51.74ppl with a 7 day average of 51.68ppl.
Wales saw an increase of 0.72ppl to 49.01ppl with a 7 day average of 48.93ppl. In Northern Ireland rose by 0.16ppl to 49.87ppl with a 7 day average of 49.74ppl.
We anticipate that heating oil prices may have levelled off now and will fall in the next day or too but only by small amounts.
The average price table is a guide only and does not constitute an offer. As regional and supplier differences occur and 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 another site, but our suppliers do provide competitive prices.