Weekly Price Update: Crude Oil Prices Rising

There has been a lot of news this week of tensions in the Middle East escalating, causing crude oil prices to rise. However, despite a slight increase in heating oil prices, they remain at near 13-month lows.

With autumn just around the corner, now could be the perfect time to top up.

What could impact heating oil prices over the coming weeks?

• Geopolitical tensions: Following escalation over the weekend, fears of a wider conflict in the Middle East could cause crude oil prices to rise. Read how crude prices impact heating oil here.
• Crude supplies: Internal tensions in Libya have caused concerns for its 1.17 million barrels per day crude output, with news of a potential oil field shutdown by Libya’s eastern government.
• U.S. interest rates: U.S. light crude oil rose over 2% per barrel last week after comments by U.S. Federal Reserve Chair Jerome Powell, suggesting that the central bank is gearing up to lower interest rates.
• Seasonal demand: With colder months on the horizon, the demand for heating oil typically increases, which can cause prices to increase. If you haven’t topped up yet this summer, now’s the time to think about ordering while prices are still at summer lows, before the cooler weather arrives and potentially raises costs.

Are prices still at summer lows?

Although there was a slight bump in heating oil prices last week, they remain at near 13-month lows and 6% lower than July.

If you haven't placed your order yet, this is the perfect opportunity to do so before the colder months set in. If a larger order isn't feasible at the moment, you can still benefit from these low prices by opting for a smaller quantity.

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