How long will it take for current low oil price to get through to local heating oil price?

moneyspendingexpertx

How long will it take for current low oil price to get through to heating oil price at my local oil supplier?

Thanks

dunstonh

They already have been.  35p recently (for Suffolk).  That's the cheapest its been in 2 years.  The trend is falling daily currently.

JJ_Egan

https://forums.moneysavingexpert.com/discussion/27753/cheaper-oil-for-fuel#latest

greatcrested

prices seem stable for last week or 2 at 33- 34 ppl - considerably down on earlier in the year. When I purchased in early March I paid 28.04 which seems to have been the low point. Whether it will go down further again is anybody's guess but the price has certainly followed world prices more or less.

But I suggest rather than just calling your " local oil supplier", you shop around, as always; prices can vary widely. Demand is currently high with some suppliers unable to accept further orders (they only have limited numbers of tankers!), and other suppliers limiting their demand by keeping prices higher.

smallblueplanet

"Brent crude fell to $22.58 (£18.19) a barrel at one point on Monday, its lowest level since November 2002.

Meanwhile the price of US West Texas Intermediate (WTI) fell below $20 a barrel and close to an 18-year low.

Oil prices have fallen by more than half during the past month as companies cut back or close production." BBC 30/03

I'm of the opinion that there isn't enough pressure on companies for them to lower their prices. BJuice just sent an email out saying how they were still open and working hard to fulfil orders, etc. If I were a cynic I'd think they were trying to get me to 'panic buy'! The weather is still cold and people are still worried about supply, when those two ease off then I'm sure prices will fall.

greatcrested

smallblueplanet said:

..... BJuice just sent an email out saying how they were still open and working hard to fulfil orders, etc. If I were a cynic I'd think they were trying to get me to 'panic buy'! ..

I've never known a time when B/Juice did not have a message saying this was the time to buy......

smallblueplanet

greatcrested said:

smallblueplanet said:

..... BJuice just sent an email out saying how they were still open and working hard to fulfil orders, etc. If I were a cynic I'd think they were trying to get me to 'panic buy'! ..

I've never known a time when B/Juice did not have a message saying this was the time to buy......

This was phrased differently from the bog-standard 'it's buying weekend'! Petrol prices have dropped, why not heating oil?

Hasbeen

smallblueplanet said:

greatcrested said:

This was phrased differently from the bog-standard 'it's buying weekend'! Petrol prices have dropped, why not heating oil?

Oil delivered yesterday 32p per litre in lothian region. Driver said rushed of his feet high demand.

People staying at home heating getting used more.

Petrol Costco £1 per litre. Petrol stations £1:02, low demand people not using cars.

sgun

I got 28p yesterday in the north east. It might go lower but we were happy with the price. I don't think the Saudi/Putin posturing will go on much longer and Trumps already out of the game. Covid is more pertinent to prices anyhow and impossible to predict how devastating it will be. 

sallywallydoodlealltheday

We belong to the local oil buying co operative. Awaiting delivery in the next few days, all of those who wished to purchase this time have secured a purchase price of 16.9ppl + VAT. The lowest in many a long year!!!!

dunstonh

16.9p is very good.  I just tried a couple of the usual online sources and was offered 25.75p.      Waiting for the club pricing.

Boilerjuice is taking the P though.  44.93p on standard delivery.