Weekly Price Update: Cold Snap and Falling Prices!

Many areas have seen snow this week and freezing temperatures are sure to trigger high heating oil usage in the coming winter months. Prices are looking better than they were during summer and a whopping 23% lower than November 2023, can you afford to leave it much longer, given that Christmas delivery deadlines are just around the corner?

Colder weather increases heating oil demand, often leading to higher prices and longer delivery times. The Met Office forecasts below-average temperatures for late November into December, which typically signals price rises.

With current average prices at 16-month lows, now is the time to order before they potentially increase. Act quickly, as prices can change fast!

What could impact heating oil prices over the coming weeks?

• Soaring energy prices: The Russia-Ukraine conflict caused global energy prices to soar, potentially affecting UK heating oil costs.
• Heating oil inventories: The EIA report showing a drop in distillate fuel stocks and a decline in U.S. heating oil inventories signals tighter supplies, which could drive up global heating oil prices, including in the UK.
• Middle East tensions: Heightened tensions in the Middle East could drive up crude oil prices, potentially raising heating oil costs for UK consumers.
• Weather: Colder weather is forecast for the rest of the week and is likely to increase usage driving demand. Heightened demand can lead to local supply pressures, potentially pushing up prices further.

How much is heating oil right now?

Our prices are 23% lower than November 2023, but with colder weather now here and rising demand, they may increase soon. Top up now to lock in lower prices before the winter rush!

If you haven’t ordered yet, now’s a great time to do so before mid-winter truly arrives. If a large order isn’t an option right now, you might still be able to take advantage of these low prices by ordering a smaller amount.

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