Oil Prices
todayisagreatday
Posts: 260 Forumite
New to oil and the tank is showing a quarter. We moved over Easter and know the gauge is working as it was just over. We are lucky that at the moment we aren't using any as when we get up and in from work it's just a case of an electric shower and for the minimal water use for washing up etc we have just been using the kettle (only two of us). It's been warm and we haven't needed the oil for heating or our multistove (it's a fairly warm and sunny bungalow).
That said, as are conscious we need to get oil and I've been watching prices daily (actually I've become a bit obsessive)! Since we moved prices have literally been 46.1 up to, at the highest 48.7 and despite the last couple of days weather it's still 48 odd.
Is this normal? Is it likely to drop?
We are under no illusion the whole heating system, and house needs an overhaul and we are already researching ASHP (though haven't really been keen on what I've read) but oil seems really expensive!
Gas unfortunately is not an option as we have a bridge and long lane between us and the nearest gas supply!
That said, as are conscious we need to get oil and I've been watching prices daily (actually I've become a bit obsessive)! Since we moved prices have literally been 46.1 up to, at the highest 48.7 and despite the last couple of days weather it's still 48 odd.
Is this normal? Is it likely to drop?
We are under no illusion the whole heating system, and house needs an overhaul and we are already researching ASHP (though haven't really been keen on what I've read) but oil seems really expensive!
Gas unfortunately is not an option as we have a bridge and long lane between us and the nearest gas supply!
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Comments
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The price of heating oil, like road fuels, reflects the cost of worldwide cost of crude oil, which changes daily.
I'd GUESS that in the short term the only way is up, because the Saudi led cartel has cut production and are aiming for a price of $100 a barrel, but it's a complex market
However, with oil heating you still have to buy it
1) Search out local suppliers, ( 5 is good ), and phone every one of them for their price on that day, often they will haggle another's price to get the order
2) Try to order as much as you can in July, at this time suppliers are desperate for orders
3) Never, ever sign up with one supplier to top-up your tank on a regular basis - The blandishment of "You'll never run out of oil" will cost you dear in the price they charge0 -
Thank you.
So much for the hope oil prices will drop!
Wishful thinking I guess. I think we best fill up sooner rather than later then
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As has been said, the golden rule is to shop around and buy as much as you can in the high summer (unless there's a war in July, of course!).
As for price predictions, the Saudis no longer call the shots in the oil market (thanks to US fracking) so I wouldn't be too gloomy. The prices shot up at the sign of the first snow this winter as the oil companies seized their chance to make a bit of a killing. There's every reason to expect them to settle down a bit now that A/ many customers have post-panic full tanks and B/ demand drops seasonally.
As for the overall cost of oil, it is still a lot cheaper than electricity and not much more expensive than solid fuel. Which isn't, of course, to say it's cheap - there is no such thing as cheap energy in the UK.0 -
I wish I could fill up in the summer to last me a year
Got 1000 litres in January and Ive possibly got 150 litres left
Its been a long cold winter here
Looking at the trends, last time it was cheap was 2016 and its been steadily rising since
Still not hit those horrific heights back in 2013 yet0 -
Read other threads on here about oil. We are also relatively new to oil use.
Check with neighbours to see if there is a local oil club who will get a bulk price discount. Minimum delivery is 500 litres and same price for more via such a club.
Always ring round alternative suppliers for delivery a working week or so later. 500l is one price then 900 or 1000 litres becomes a bit cheaper. Need it tomorrow adds a premium!!!
It is said that prices in summer are cheaper than in a cold snap of winter... Supply and demand ensures that is so!
Our tank is really too small to last 12 months between deliveries @ 1250 litres, but it is what it is. You need to know how much your tank holds (should be on a label) to estimate what it can take now it is 1/4 full (and also what remains).
Did the previous owners give you an idea of what their oil use was? If not you will have to wait and see how your use goes. You can probably wait a few weeks - If not months - before needing to order oil though.0 -
I've found through my research so far the online comparisons tend to be more expensive and the local ones much cheaper. The plus is one local supplier is literally 5 mins walk away and if I get quotes he has said he will always beat them.
Unfortunately I don't know how big my tank is. There is no mark at all and where it is stamped with litres, there is no number. It was a probate sale so no one has any idea of size of tank or usage.
We are lucky at the moment we haven't used any oil for the last couple of weeks as we have been fine with the electric shower and woodburner. The cheapest price I've had since we purchased it over Easter was just on Friday for 45p (based on 500l), but I'm hoping if we can last longer we can fill up more, I've just no idea the size of our tank though. I'm guessing it's at least 1000l.0 -
Your local supplier (or his staff) will likely be able to tell how big th tank is from experience. As might your Oftec certified oil boiler service technician.
Size (measurements) will give a clue to those here with experience, too. Look inside to see if it is a tank in a tank (aka bundled) design or single skin. Plastic or metal? Any makers name or model numbers? Even a picture can help.
Someone is likely to be able to say with fair certainty given enough information!0 -
Your local supplier (or his staff) will likely be able to tell how big th tank is from experience. As might your Oftec certified oil boiler service technician.
Size (measurements) will give a clue to those here with experience, too. Look inside to see if it is a tank in a tank (aka bundled) design or single skin. Plastic or metal? Any makers name or model numbers? Even a picture can help.
Someone is likely to be able to say with fair certainty given enough information!
My tank looks exactly like this one here:
https://www.fueltankshop.co.uk/1000-litre-slimline-oil-tank-titan-r1000gr/p4262
I'm going to check if these exact measurements tally with my tank, I'd roughly measured it as 6ft by 2ft and this seems.to be pretty close so I'll recheck tomorrow. If it is then at least I know it's a 1000 litre tank and we have 250 litres left going off the gauge. How long 250 litres will last two of us I don't know though?
I'd be tempted to let it last as long as I can before filling up but I doubt we will get to summer!0 -
My view not as a consumer but as an energy company investor is that Oil is probably going to stay much where it is at the moment but with an underlying upwards trend in the longer term - countered in the short term by seasonal factors that oil tends to decrease late summer. So I think you shouldn't expect a significant decrease and you shouldn't worry too much about itI think I saw you in an ice cream parlour
Drinking milk shakes, cold and long
Smiling and waving and looking so fine0 -
If you are going to replace the tank, I would get a bigger one as the price is often cheaper if you can buy 900 or 1000L. Have a look at a neighbours tank and see if they have one the same. The houses round us all have the same tanks!
It is worth ringing around to compare prices but also look on line at Home Fuels Direct, the oil Club and Boiler Juice. I usually find Boiler Juice quite dear but I always check them. The best idea is to check on line and then ring round so you have a target price. Also in areas where there are a lot of oil users, local authorities also run oil buying groups. There is usually a subscription but it is often worth it as there are decent savings to be made.
Having said that, the oil club will give the same price for 500L and 1000L.As someone has said, don't set up a standing order to an oil supplier- you will be stiched up!
It is difficult to know how long your oil will last- its a piece of string question. How well the property insulated, how much you use it etc are factors. We have a 4 bedded detached, in exposed rural area, with 4 adults, 2 at home all day, oil heated water and we use 2000 litres per year,. We have a coalfire which we light occasionally in the evening, and we never use electric heating - our boiler is 20 years old but regularly serviced..0
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