Thoughts on heating oil price movement?

lohr500

I realise none of us have a reliable crystal ball to predict the future but what are your thoughts on what might happen to heating oil prices over the next few months?

We probably have enough oil to see us through until early March next year.

Unless the situation in the Middle East escalates significantly in the next few months, my gut feel is that prices will probably increase slightly due to seasonal demand.

But if some form of peace agreement is reached in the next few months, do we think it is likely that the wholesale price of crude oil will drop quickly?

I am torn between ordering say 500 litres now just to give us a bit more of a buffer, ordering 1200 litres now to top up the tank fully and avoid any risk of a significant increase in the price, or sitting tight for a couple of months in case there is a resolution in the Middle East which brings down the price.

I'm currently of the opinion that the best option is to sit tight and see what happens.

But I would be really interested to hear from anyone else in the same situation.

And yes, I should have filled up the tank back in July when prices fell after the initial spike caused by the war!!!

Famau

Ah, the dilemma all we heating oil users face! I have a relatively small tank (1200l) and have just topped up with 600l to avoid having to purchase when the tank runs low before Christmas. I'll probably need another fill in late Jan.

I think that if I was in your situation with the capacity to get through until March, I'd monitor things for the next 6-8 weeks and be prepared to top up if things fall. But unfortunately no-one can foresee what the mad guy in Washington will do next so it's a gamble either way sadly. I do envy gas users with a price cap and clarity on their charges I have to say.