Monday 9th October 2017. Crude Oil dipped before going into the weekend and remains below 50.00 U.S Dollars a barrel. The commodity’s consolidated range has shown its force the past few trading sessions as U.S Crude Oil has reversed off of highs and now appears to be set to test short-term lows. Brent Crude is down $0.25 or 0.45% to $55.37. WTI, is $49.32 up $0.03 or 0.06%. Bloomberg is also reporting a drop in heating oil at $1.7282 a drop of $1.57 or 0.90%.
The markets continue to look volatile. There is a significant amount of oversupply in the market occasionally coming in and affecting the pricing. There are concerns about OPEC and its ability to control pricing, and perhaps some of its members.
UK heating oil prices have fluctuated between 41.53ppl and 42.34ppl over the last 14 days in a very volatile heating oil market. Prices are again falling because crude oil has lost momentum and OPEC its grip on pricing control, As the market is so volatile you need to maintain an eye on heating oil prices for the foreseeable 2 months. At present prices are at Oct 2016 levels and only started climbing in December 2016 following mild weather. We seem to be in the same scenario this year, The blue logarithmic line is now showing a continued lowering of heating oil prices probably tapering off by the end of the week. In real terms buy heating oil now on the downward slope and obtain quotes from heatingoilshop.com.
Over the last 7 days the average UK heating oil price continues to fall and is now down by 0.64ppl to 41.53ppl with a 7 day average of 41.99ppl. In England, prices fell by 0.92ppl to 40.89ppl with a seven day average of 41.46ppl. Scotland has also fallen by 0.93ppl over the week to 43.63ppl with an average of 44.18ppl. Wales saw a decrease of 1.10ppl to 40.83ppl with an average of 41.47ppl. Northern Ireland also saw a fall of 0.72ppl to 39.94ppl with a 7 day average of 40.44ppl.