Thursday 7th September. After rising, and stabilising Crude prices are back on the rise again and probably due to additional market forces caused by hurricane Irma. Brent crude has gained $0.31 or 0.57% and currently today, at $54.51. Struggling WTI is now up to $49.22 up $0.06 or 0.12%. Bloomberg’s heating oil is the one to watch though af ter falling back in the last 24 hrs it has risen past its start of fall price. Currently at 1.7605 is up $0.10 or 0.06%. The market has been tricky at least and very uncertain as to where to go. Our view, with Irma plundering the Caribbean and set to hoit tkhe US mainland expect Crude and heating oil prices to increase.
UK heating oil prices have been very erratic over the last 14 days and recently showing an increase over the last week. We are now into the first week of the heating oil season in the UK and indications suggest more customers are buying early. We have seen heating oil prices gain an additional maximum of 1.80ppl o ver the 14 days but we feel the rises are temporarily exhausted. However, with the rise in Crude Oil prices we expect these to rise dependent on whether price momentum can be maintained.The blue logarithmic UK Average price trend is currently sitting at just over 40.75ppl and is showing a much more slower upward trend.
Over the last 7 days the average UK heating oil price has risen by 1.20ppl to 41.07ppl with a 7 day average of 40.71ppl. In England, prices rose by 1.29ppl to 40.70ppl with a seven day average of 40.34ppl. Scotland has increased by 0.80ppl over the week to 43.42ppl with an average of 43.14ppl. Wales saw a rise of 0.96ppl to 41.02ppl with an average of 40.74ppl. Northern Ireland also saw the largest increase of 1.55ppl to 39.90ppl with a 7 day average of 39.12ppl.
As another storm rolls in it still remains unclear what heating oil prices will do, however the indications at this present time shows they will stabilise over the next 3 – 4 days. Our recommendation is to keep on top of those oil quotes and use heatingoilshop.com to let you stay informed.