Crude and Heating Oil Analysis
Sunday 19th April 2020.
UK Heating Oil Prices are at a 4 Year low and as a direct result of tumbling crude prices and the Covid-19 pandemic.
Crude oil prices fell over 20% in another dismal week despite efforts from OPEC+ and major oil-producing nations to reduce production to help boost prices. OPEC estimated that demand for oil could fade to its lowest in 30 years as the coronavirus grinds global travel to a halt.
The oil market continues to demonstrate its inability to sustain a price rally after many reurrection attempts. There is only enemy now and poor prices are a result of weak demand caused by Covid-19. Geopolitical health risk, and over supply continues to loom.
Brent prices are up $0.26 (0.93%) today to $28.08. WTI is also down $1.60 (8.05%) to $18.27. It is clear to us now that OPEC’s new price strategy to ward off a collapse in prices fuelled by Russia will start to work now that Saudi’s production is pumping more crude. March / April will be busy month for UK Domestic heating oil
purchases, so 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)
The #heatingoil price is up today by $1.00 (1.06%) to $0.9563.
As a result of all this market activity, UK Heating Oil prices have constantly fallen over the last 3 weeks and have reached a new four year low.
We feel that UK prices may recover a tad this coming week. However, the price of WTI crude is looming at a possible $15.00 per barrel. This means UK heatingoil could possibly fall further this week.
The last 7 days has seen heating oil prices steadily falling. Currently prices have plateaued and it will be interesting to see if this trend continues through the next 7 days. We should mention that due to low pricesand some panic buying, there is some pressure on operations and logistics. Today, prices have dropped just 0.05ppl to 25.95ppl (inc vat) and are 2.94ppl cheaper than 7 days ago. We have not seen prices like this for just over 4 years so9, make the most of it now.
The major key deciding factors on prices in the coming weeks will still be the price of crude oil, availability of product, operational and delivery issues.
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 0.05ppl to 25.95ppl. Average broker prices lag well behind distributors but did fall 1.41ppl to 30.02ppl. The difference between average distributor
#heatingoil prices versus average online heating oil broker prices rose today to is 4.07ppl inc vat. This means you can save an average of £20.35 on 500 litres or £40.70 on a 1000 litres buying from a distributor. This does fluctuate 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 1.41ppl to 30.02ppl today. You can see from the above graph which brokers are charging the most today. Fueltool is at the top of the list today at 36.45ppl. They are followed by Tanktopper and in third place Certas owned heatingoil.co.uk. Comparisons were made at a “CM”! postcode.
So, do you really want to pay over the odds by using some higher priced brokers? We’ll let you decide for yourselves. (All prices include VAT and are subject to regional and postcode variations).
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.
Wise up, Brokers cost more money.
Over the last 7 days there has been an decrease in the average UK oil distributor
#heatingoil prices on the week of 2.94ppl finishing at 25.95ppl. However, there are indications that prices may fall this week.
#Scotland average prices fell by 2.72ppl to 30.43ppl.
#Wales average prices rose by 3.53ppl to 26.25ppl
#NorthernIreland average prices fell 4.17ppl to 27.95ppl.
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.