oil price monitoring

G_M

Since domestic fuel oil prices are driven largely by international oil prices (as well as demand etc), surely monitoring the international price allows one to predict if domestic fuel prices are about to rise or fall?

If so, where is the best place to see these prices?

(though I have to say I can't believe it can be this simple or everyone would be doing it and no one would ever buy except at the bottom of the market.....)

just a thought though.

suki1964

G_M wrote: »

Since domestic fuel oil prices are driven largely by international oil prices (as well as demand etc), surely monitoring the international price allows one to predict if domestic fuel prices are about to rise or fall?

If so, where is the best place to see these prices?

(though I have to say I can't believe it can be this simple or everyone would be doing it and no one would ever buy except at the bottom of the market.....)

just a thought though.

Try a crystal ball

G_M

suki1964 wrote: »

Try a crystal ball

Tried that. It told me the price was about to drop to 34 ppl.

I got so excited I dropped the ball and it smashed - so now I need another source of info....

dieselglider

I use this - http://www.oil-price.net/

and find this useful for N.Ireland - http://www.cheapestoil.co.uk/Heating-Oil-NI.aspx

Bound to be something similar for the mainland?

G_M

Thanks for the - http://www.oil-price.net/ link. Do you find it a reliable predictor though of what domestic fuel prices are about to do?

Yes, on the mainland there are multiple on-line price comparison sites:

www.directoil.co.uk

www.fueltool.co.uk

www.fueloildirect.co.uk

http://theheatingoilclub.co.uk/

+ of course boilerjuice

as well as many suppliers who have their own online quote/oder websites

dieselglider

There's a lag of 1-2 weeks for domestic downward movement, but yes, if the general trend has dropped for a while, the heating oil price tends to follow.

I tend to keep an eye on the crude oil price, then the comparison site, and you can get a feel of what way the domestic price is going to head. Like now, the crude price has been lower for a few weeks, and some of our local prices have been easing down this past week or so. Some more quickly than others, as is usual.

I have noticed the domestic price follows an upward trend a bit faster...

G_M

dieselglider wrote: »

There's a lag of 1-2 weeks for domestic downward movement, but yes, if the general trend has dropped for a while, the heating oil price tends to follow.

I tend to keep an eye on the crude oil price, then the comparison site, and you can get a feel of what way the domestic price is going to head. Like now, the crude price has been lower for a few weeks, and some of our local prices have been easing down this past week or so. Some more quickly than others, as is usual.

I have noticed the domestic price follows an upward trend a bit faster...

Thanks - tjats kind of what I thought/hoped but couldn't quite beleive it could be done. Trying to work out/guess when is the best time to top up is critical in keeping costs down when you're talking about 1 - 2000 litres.

I have also noticed domestic fuel prices have edged down recently. The question is, will they continue that trend, or start edging (or jumping!) back up...

suki1964

G_M wrote: »

Thanks - tjats kind of what I thought/hoped but couldn't quite beleive it could be done. Trying to work out/guess when is the best time to top up is critical in keeping costs down when you're talking about 1 - 2000 litres.

I have also noticed domestic fuel prices have edged down recently. The question is, will they continue that trend, or start edging (or jumping!) back up...

Well the Middle East crisis is enough for oil prices to start to rise right away

Austin_powers

Remember to shop around :money:been researching heating oil for my parents and got a big shock

Current Prices for 600 Litres as of 20th November 12

homeheatingoilshop.co.uk £364.14
heatingoil.co.uk £382.11
boilerjuice £382.41
homefuelsdirect.co.uk £384.11
directoil.co.uk £386.37
butler fuels £416.62 (my existing supplier used a few times)

Which means a saving of £52 so can be a great saving and I have used a couple of the above in the past and it always seems to be the same company delivering to us so the service is just the same.

I looked into the oil clubs but still they are not achieving this type of saving.

G_M

Austin_powers wrote: »

Remember to shop around :money:been researching heating oil for my parents and got a big shock

Current Prices for 600 Litres as of 20th November 12

homeheatingoilshop.co.uk £364.14
heatingoil.co.uk £382.11
boilerjuice £382.41
homefuelsdirect.co.uk £384.11
directoil.co.uk £386.37
butler fuels £416.62 (my existing supplier used a few times)

Which means a saving of £52 so can be a great saving and I have used a couple of the above in the past and it always seems to be the same company delivering to us so the service is just the same.

I looked into the oil clubs but still they are not achieving this type of saving.

See post 5?

suki1964

end of the day you cannot predict ahead what prices are going to be

What you can do is to try and buy when prices are traditionally low - middle of Aug rather then December and January

But then again a war in the middle east, bad weather, hike in the exchange rate - and all that can go bye the bye