Buy oil now or wait?

highrisklowreturn

Just wondering if anyone is taking their delivery now or waiting to see if the price drops further? Just checking the chart's and it is starting to go down. Was thinking of maybe just getting 500ltrs in, and a tonne of coal, and waiting to see if price drops come Jan time. Am seriously miffed that £325 last year could get 900ltrs and am paying almost double this year!:mad:

RTNI

I have noticed that the suppliers in my area have increased their prices by ~ £10 for 900l in the past 2 days. This is despite oil generally falling going by BBC News graph and the exchange rate against the dollar not moving too much.

I think it could be a case of supply and demand now that is causing prices to go up - with heating now going on I think I will make the move to buy 900l now. Could wait until mid Dec before I run out I think but I will take a punt at it now.

Must check with my supplier for coal in N'ards as to the cost of coal; going by website it's still as it was last year and with the increases that were announced recently I would be surprised if they were still held at last years price.

RTNI

Also, always wondered why the prices in the NW seem to be lower than other areas - any ideas?

Pretani

I think it will continue to lower for a while on mainland UK. Why we see increasing prices here is because demand is low and they're trying to sell off old stocked oil......wait a few weeks, would be my advice, then see what happens to the market.

getzls

This time of year again, world oil prices dropping but heating oil will start to rise. I bought some to-day at £291. OK, it may drop a bit but it will rise soon.

Indo77

You can bet that with the Bank of England creating 75 billion out of thin air this will cause even more inflation. Get your oil now.

A.L.D.A

Indo77 wrote: »

You can bet that with the Bank of England creating 75 billion out of thin air this will cause even more inflation. Get your oil now.

All depends on the dollar, but you are right the tendency will be for a weaker Sterling, but weaker against what!!!!

RikM

I bought a full tank recently, but then we were getting low...
For what it's worth there is a historical average price chart here:
http://www.boilerjuice.com/heatingOilPrices.php
Before you get excited about the recent dip, expand the time range to 2 years, to put it into perspective...

highrisklowreturn

A.L.D.A wrote: »

All depends on the dollar, but you are right the tendency will be for a weaker Sterling, but weaker against what!!!!

Nice that somone else is pointing this out. Inflation is happening everywhere and being sponsored by every government. It is neither strenghening nor weaking the pound but rather ensuring a consolidated if slow default on our overall debt, in tandem with similar arrangements in Euroland and the US.

YORKSHIRELASS

Of course the other issue is whether deliveries will get delayed by high demand/bad weather. We got caught out with this last December when local suppliers were taking 3 weeks + to get deliveries out. I wonder whether everyone is buying now to avoid running out if we get another bad winter?

To be honest I think you would need a crystal ball to predict prices. We got 54.5p a litre a couple of weeks ago by clubbing together with a couple of neighbours which I was happy with and our tank is full. You must have done really well last year because its been a long while since prices have been that low around here.

As for coal, I am still debating that one. We keep getting e-mails from our supplier telling us to buy now before prices increase but I havent really budgeted anything for coal until next month so I am going to wait.

highrisklowreturn

Not sure what to do - think I will get oil on Wednesday, probably 500 ltrs, and then buy a 250kg of burnglow and 250kg of esse.