Crude and Heating Oil Analysis
Wednbesday 12th February 2020.
Crude Oil and UK Heating oil prices dived over the last three weeks until the Coronavirus (Covid-19) arrived on the scene and disrupted Oil and financial markets.
As this is being written, there are some intersting developments now as Crude prices have risen above $50.00. OPEC+ have decided to threaten again to reduce crude and oil production. The second point is the US have announced a larger oil inventory today to counter balance any efforts to increase prices. There seems to be this cat and mouse game between OPEC and the US. Oil Prices justifiably important to both economies and world economies at large. The US with its infrastructure needs oil to keep the country movinbg having met most of it’s infrastructure requirements. Whereas, most OPEC+ economies are still building their infrastructure, social, community and business programs.
Weak demand still dominates, and over supply looms. Brent is below $60 again and OPEC hopes to be able to push prices higher when it review its production output policy as a matter of urgency as it loses revenue from China’s economic, but temporary (6 -9 months shut down.
Brent price is up $1.16 (2.15%) today and is $55.17. WTI is also up $0.82 (1.64%) and is at $50.76. You really owe it to yourself 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)
Market Heating Oil prices are up by $3.03 (1.86%) to $1.6570 and likely to rise further!
Over the last 7 days the UK heating oil prices has been rising steadily. Average prices have rise 1.12ppl in 7 days.
The good news. Since January 1, 2020 heating oil prices are lower by 2.64ppl. We see heating oil prices stabilizing sooner rather than later.
Major deciding factors on prices in the coming weeks will still be the price of crude oil, and/or further OPEC production cuts, colder weather and availability of product!
Keep an eye on your local price situation by getting multiple quotes from heatingoilshop.com,
#checkyourtank & make sure you do not run o
#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 rose to 45.17ppl and average broker prices rose to 46.30ppl. The difference between (se graphic below) average distributor
#heatingoil prices versus average online heating oil broker prices is 1.13ppl inc vat. This means you can save a further average of £5.65 on 500 litres or £11.30 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.
Our advice is to thoroughly check the broker quotes for hidden charges such as website usage fees, admin fees and additional delivery charges on shorter delivery day requests. 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
You can see from the above graph which brokers are charging the most today. Today, #TankTopperUK, #boilerjuice and #UKHeatingOil are th most expensive today. Prices can differ from broker to broker by as much as 5.56ppl (incvat) than its lowest priced competitor. Boilerjuice, once considered to be the cheapest broker has been featuring much higher in our records. So far this month they are the 3rd most expensive out of 7 brokers. They continue to charge their “fund our website” fee of £3.49 and the occassional additional delivery charge for shorter periods. All this puts up the charges to you as a consumer.
It’s common sense to steer away from brokers with higher pricing, commission charges and delivery charges. Before you buy do the maths and get multiple heating oil quotes from heatingoilshop.com.
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.
UK Regional Analysis
There has been an increase in the average UK oil distributor
#heatingoil prices on the week of 1.12ppl (2.54%) finishing at 45.17ppl today. Priceds are still very competitive!
#Scotland average prices fell by 1.66ppl to 47.85ppl.
#Wales average prices fell by 0.99ppl to 45.67ppl
#NorthernIreland average prices fell 0.43ppl to 42.99ppl.
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.