Crude and Heating Oil Analysis
Saturday 29th February
The Stockmarket, Crude Oil and UK Heating oil prices have dominated financial news this week due to the uncertaintity surrounding the Coronavirus (Covid-19) which has now arrived in Europe and the US. It has also disrupted oil markets where weak demand still dominates, and over supply looms.
There was some relief in the markets at the beginning of the week, but as more and more cases of the virus come to light so did the intensity of the financial stress.
Brent Crude is near its 14 month low, Saudi Arabia is pushing the OPEC+ group to decrease production cuts to 1 million barrels per day instead of an initial 600K. Russia has remained silent and unwilling to sign up to these cuts but the sharp drop in prices this last 2 days puts a massive pressure on the group and their respective economies.
World economies are starting to feel the effects of the financial downturn. Particularly more vulnerable are those Countries with massive unfinished infrastructure, social, community and business programs.
Brent price is below $50 at $49.67up (down 2.06 or 3.98%) today. WTI is als down $2.33 (4.95%) tot $44.76. 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 down by $0.98 (0.66%) to $1.4773!
Traumatic events over the last 7 days has caused not only financial markets to fall but also world oil prices. The net effect for UK heating oil prices has meant a dynamic drop in prices of 3.88ppl in seven days.
Since January 1, 2020 UK heating oil prices today (29th) are lower by 11.71ppl. This is good news for the UK consumer who are urged to take full advantage of this crisis. OPEC+ has other ideas and will cut production costs by a million barrels a day to shore up the price of crude. We see heating oil prices stabilizing sooner rather than later.
Major deciding factors on crude and home prices in the coming weeks will the effect of Covid-19 and further big OPEC production cuts!
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 2.55ppl to 40.02ppl and average broker prices also fell by to 41.73ppl. The difference between (se graphic below) average distributor
#heatingoil prices versus average online heating oil broker prices is 1.71ppl inc vat. This means you can save a further average of £8.55 on 500 litres or £17.10 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, #FuelTool, and #TanktopperUK and unusually #homefuelsdirec are the most expensive today. Prices can differ from broker to broker by as much as 2.85ppl(incvat) than its lowest priced competitor. Boilerjuice, once considered to be the cheapest broker has been featuring much higher in our monthly records. So far this month they are the 4th 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 a large decrease in the average UK oil distributor
#heatingoil price on the week of 3.88ppl (8.84%) finishing at 40.20ppl today. Distributor prices are very competitive!
#Scotland average prices fell by 3.16ppl to 43.58ppl.
#Wales average prices fell by 5.42ppl to 40.35ppl
#NorthernIreland average prices fell 3.27ppl to 38.90ppl.
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.