Heating Oil Price Updates

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Heating Oil Prices Rise due in part to panic buying and extended delivery times

Crude and Heating Oil Analysis

Monday 23rd March.

UK Heating Oil prices have risen steadily in face of extended delivery times despite lower crude prices.

Average UK  heating oil prices have risen steadily in the last 7 days. We feel that prices may tail off steadily this week. Crude oil prices have been pretty stable for the last 4 days after plummeting to depths below $30 per barrel. Increased production from OPEC is rising as the oil war  between Russia and OPEC continues. Any oil surplus that had started to disappear has now been reversed and starting to fill again, which in turn will reduce wholesale and retail prices arounf the world.

The oil market continues to demonstrate its inability to sustain a price rally. There is only enemy and market traders are giving no premium to geopolitical health risk. Instead, weak demand dominates, and over supply looms. Brent fell below $30 per barrel last week and has not recovered.

Brent prices are down $1.12 (4.15%) today to $25.86. WTI  is also down $0.31 (1.37%) and to $22.32. 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  $0.02 (0.02%) to $1.0065. We expect average UK heating oil market prices to fasll slightly then stabilise.

It’s worth getting multiple #heatingoil quotes from heatingoilshop.com on a regular basis to avoid any possible imminent price rises. Fill up your heating oil tanks on lower prices for now.

Distributor Analysis

The last 7 days has seen heating oil prices steadily rising despite falling crude prices. Currently prices are rising due to panic buying, earlier lower prices which has put a strain on operational and logistics. Today, prices have risen by 0.51ppl to 44.25ppl (inc vat) and are 2.80ppl dearer than 7 days ago.  We see prices slightly falling by smaller increments this week.

The major key deciding factors on prices in the coming weeks will  be the price of crude oil, availability of product, delivery issues and warmer weather.

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 rose 0.51ppl to 44.25ppl and average broker prices rose 0.53ppl to 45.86ppl. The difference between average distributor #heatingoil prices versus average online heating oil broker prices rose today to is 1.61ppl inc vat.

This means you can save an average of £8.05 on 500 litres or £16.10 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. Some brokers 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.

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Today’s Broker Analysis

Average broker prices are up to 45.86ppl today. You can see from the above graph which brokers are charging the most today.  DirectOil is at the top of the list today at 52.40ppl. They are followed by Boilerjuice and in third place Cewrtas owned heatingoil.co.uk.  DirectOil are 14.82ppl more expensive than the Heating OIl Club. Comparisons were made at a “WA” postcode.

So, do you really want to pay an average of up to £74.10 more for 500 litres or an average of £148.20 more for a 1000 litres by buying from the most expensive?  In the broker category we have seen a low prices of 37.58ppl  and highs of 52.40ppl (inc vat). (All prices 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.

UK Regional Analysis

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.

Over the last 7 days there has been an increase in the average UK oil distributor #heatingoil prices on the week of 2.80ppl finishing at 44.25ppl. However, there are indications that prices may fall this week.

In #England average prices rose by 4.74ppl to 46.57ppl.

In #Scotland average prices fell by 0.23ppl to 42.79ppl.

In #Wales average prices rose by 6.97ppl to 47.62ppl

In #NorthernIreland average prices fell 0.95ppl to 39.43ppl.

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.