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Heating oil- buy now or wait?

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Using boiler juice for quotes, I’ve notice that heating oil has come down in price recently.. I’ve got approx 1 months oil left in my tank.. as this is a money saving site I’m asking on here what you think oil prices will do in the next couple of weeks? 🛢️
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Comments

  • thrope
    thrope Posts: 68 Forumite
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    If you care about getting the best price don't use boilerjuice but call round local suppliers or use a local oil club.

    No idea about predicting ahead, but boiler juice is a bit of a scam in my opinion.
  • ericthesanddune
    ericthesanddune Posts: 60 Forumite
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    edited 28 February 2023 at 2:40PM
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    Thrope, my local supplier that I’ve used before is more expensive at the moment than boiler juice and when I’ve used boiler juice’s cheaper quote in the past, my local supplier has delivered it! 
  • 400ixl
    400ixl Posts: 2,996 Forumite
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    thrope said:
    If you care about getting the best price don't use boilerjuice but call round local suppliers or use a local oil club.

    No idea about predicting ahead, but boiler juice is a bit of a scam in my opinion.
    The correct answer would be to use both local suppliers and the aggregator sites like Boilerjuice to find prices. Quite often find the aggregators to be cheaper than I can get if for from a local supplier, so not a scam at all.

    Some of the other aggregator sites can be cheaper than Boilerjuice so do also check them.
  • thrope
    thrope Posts: 68 Forumite
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    Oh wow, I've never seen boiler juice less than 15p/L more than the two local suppliers and local oil club I check.

    For me the biggest risk these days is an unexpected supply shock leading to long delays or problems filling up, so having a full tank and piece of mind is more important than trying to save a few percent trying to time the market. I wouldn't want to have low amount of anything I rely on, especially for heat in the winter.

    So I would order now.


  • ericthesanddune
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    I’ve just ordered it from Boiler Juice which was cheaper than my local supplier.. and yes, it’s my local supplier delivering it 🤣
  • dunstonh
    dunstonh Posts: 116,830 Forumite
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    thrope said:
    If you care about getting the best price don't use boilerjuice but call round local suppliers or use a local oil club.

    No idea about predicting ahead, but boiler juice is a bit of a scam in my opinion.
    It is only a scam to you because you don't appear to know how it works.  However, its not a scam.

    Oh wow, I've never seen boiler juice less than 15p/L more than the two local suppliers and local oil club I check.
    Boilerjuice covers the UK. Not just your postcode.   Your experiences may not reflect others.
    Your scenario is likely because the suppliers covering your area do not have sufficient excess capacity and are not prepared to price lower than they are.

    I’ve just ordered it from Boiler Juice which was cheaper than my local supplier.. and yes, it’s my local supplier delivering it 🤣
    And that is because there is excess capacity in your area and that supplier is prepared to discount 

    In very simple terms, when a supplier signed up to boilerjuice has excess capacity, they tend to lower the price.  This can lead to lower prices than if you went to them direct.   When they do not have excess capacity, they increase the price. Often pricing themselves higher people going direct.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Qyburn
    Qyburn Posts: 2,374 Forumite
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    Boilerjuice is hopelessly overpriced in our area. However the local Oil Club does the equivalent. Quite often their orders are fulfilled by supplies who are much more expensive if contacted directly.
  • Van_Girl
    Van_Girl Posts: 373 Forumite
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    I've used Boilerjuice for most orders over the last 2 years. I always check with several local suppliers, and Boilerjuice has so far always come out cheaper aside from one occasion. 

    It is usually the same local supplier that delivers, but for some reason they provide a higher quote when I go to them directly

    I just had a 1000l fill - I was running far lower than I like because I was hoping to be installing an ASHP early this year, but that hasn't worked out. So I just took a punt and filled the tank up. If the price drops, so be it. I paid 13p p/l less than last time, and I'm tired of being overly cautious with the heating 


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    • simoncorkswill1
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      Over the last few days front month heating oil contracts have fallen in price , normally the suppliers like boiler juice , who are becoming a company not to trust , follow the front month price , however the well publicised recent cold spell has mysteriously ramped up their prices , these are not genuine prices we are paying its ones being loaded because of that sort of publicity .
    • kar999
      kar999 Posts: 706 Forumite
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      Over the years I've never found boiler juice to be the cheapest. They are usually 10p or so dearer than what I end up paying. That maybe because of my area where there are at least 6 suppliers that I can use.

      I phone them all up and find the cheapest. There's been up to 8p difference on occasions. I usually then play off the two cheapest against each other often getting a further 1p or so off and/or a more convenient delivery slot.

      I've never looked into a local buying club but may do so this year.

      Never certain, but hopefully prices will fall again soon after the recent rises during this cold snap and seasonal domestic demand reduces. Heating Oil futures are also currently showing reductions but that can always change rapidly.

      If we knew the future prices with certainty we'd all be rich, sitting on a beach, not worrying about heating bills!

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