Weekly Price Update: Coolest Summer Since 2015

With recent warm weather, you'd be forgiven for thinking we've had a warm summer but according to the BBC, it's our coolest summer in nearly a decade. With autumn arriving early and cooler temperatures on the horizon, you might find yourself using more heating oil than expected. Additionally, global influences could further impact prices, meaning you might need to top up sooner than planned especially if you want to snap up a lower price.

UK temperatures tumble as oil markets remain unpredictable.

This week, temperatures remain below average, with some areas of the UK dropping to 4 degrees at night. The early chill of autumn could boost heating oil demand, potentially driving prices up.

Global events are also influencing the market and adding to price volatility. Here’s a quick update on what’s happening this week:

• Oil prices are low: Right now, Crude oil prices are at a 14-month low, which is helping to keep heating oil prices down, but they could change quickly!
• US stockpiles down: A big drop in U.S. oil supplies could support prices in the short term.
• Market jitters: Economic worries and plenty of oil supply are keeping prices down, but this could change if demand spikes.
• OPEC+ could change course: Rumours are swirling that OPEC+ might delay planned production increases, which could push prices up.
• Libyan issues: Ongoing political struggles in Libya disrupt oil flows, adding to market uncertainty and possible price volatility.

The bottom line: With temperatures dropping and so many factors at play, heating oil prices could change quickly. Check your tank and consider topping up now while prices are relatively stable and remain at their lowest in over a year.

Get a Quick Quote now to see if smaller top-ups are available in your area today!