Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • kah22
    • By kah22 4th Jul 18, 2:42 PM
    • 1,424Posts
    • 496Thanks
    kah22
    Heating Oil In NI
    • #1
    • 4th Jul 18, 2:42 PM
    Heating Oil In NI 4th Jul 18 at 2:42 PM
    It sure has been a good few weeks and I’m wondering, if a result of the weather and as it is summer, has the price of heating dropped at all. Anybody ?

    Kevin
    Illegitimi non carborundum
Page 1
    • greatgimpo
    • By greatgimpo 4th Jul 18, 2:45 PM
    • 776 Posts
    • 1,091 Thanks
    greatgimpo
    • #2
    • 4th Jul 18, 2:45 PM
    • #2
    • 4th Jul 18, 2:45 PM
    The information is on Boilerjuice.
    • Cherryscone
    • By Cherryscone 4th Jul 18, 8:51 PM
    • 1,362 Posts
    • 1,018 Thanks
    Cherryscone
    • #3
    • 4th Jul 18, 8:51 PM
    • #3
    • 4th Jul 18, 8:51 PM
    It sure has been a good few weeks and I’m wondering, if a result of the weather and as it is summer, has the price of heating dropped at all. Anybody ?

    Kevin
    Originally posted by kah22

    https://www.cheapestoil.co.uk/default

    It doesn't look like It
    ~We are all going to hell and guess whos driving the bus~


    *Norn Iron club Member 294*

    https://www.topcashback.co.uk/ref/spottylegs
    • kah22
    • By kah22 4th Jul 18, 11:46 PM
    • 1,424 Posts
    • 496 Thanks
    kah22
    • #4
    • 4th Jul 18, 11:46 PM
    • #4
    • 4th Jul 18, 11:46 PM
    Contacted my regular oil man today and he said there was a slight increase and suggested I hold back for a fortnight
    Illegitimi non carborundum
    • ballyblack
    • By ballyblack 5th Jul 18, 9:38 AM
    • 3,823 Posts
    • 2,017 Thanks
    ballyblack
    • #5
    • 5th Jul 18, 9:38 AM
    • #5
    • 5th Jul 18, 9:38 AM
    https://www.belfasttelegraph.co.uk/news/northern-ireland/price-of-heating-oil-soars-in-middle-of-northern-ireland-heatwave-37081930.html
    • kah22
    • By kah22 5th Jul 18, 9:46 AM
    • 1,424 Posts
    • 496 Thanks
    kah22
    • #6
    • 5th Jul 18, 9:46 AM
    • #6
    • 5th Jul 18, 9:46 AM
    A great answer, many thanks
    Illegitimi non carborundum
    • motorguy
    • By motorguy 5th Jul 18, 2:36 PM
    • 17,886 Posts
    • 10,909 Thanks
    motorguy
    • #7
    • 5th Jul 18, 2:36 PM
    • #7
    • 5th Jul 18, 2:36 PM
    "However, other factors including changes to the price of crude oil, refining the product, marketing and distribution, and competition from suppliers also influence the price."

    They forgot "....and how much the oil companies think they can stiff people for at any given point".
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • qwert yuiop
    • By qwert yuiop 6th Jul 18, 12:34 PM
    • 2,505 Posts
    • 1,575 Thanks
    qwert yuiop
    • #8
    • 6th Jul 18, 12:34 PM
    • #8
    • 6th Jul 18, 12:34 PM
    "However, other factors including changes to the price of crude oil, refining the product, marketing and distribution, and competition from suppliers also influence the price."

    They forgot "....and how much the oil companies think they can stiff people for at any given point".
    Originally posted by motorguy
    I thought it was more to do with Iranian revolutionary guards threatening to close the straits of Hormuz in the event of trump preventing Iranian oil exports? And who could blame them?
    “What means that trump?” Timon of Athens by William Shakespeare
    • motorguy
    • By motorguy 6th Jul 18, 2:56 PM
    • 17,886 Posts
    • 10,909 Thanks
    motorguy
    • #9
    • 6th Jul 18, 2:56 PM
    • #9
    • 6th Jul 18, 2:56 PM
    I thought it was more to do with Iranian revolutionary guards threatening to close the straits of Hormuz in the event of trump preventing Iranian oil exports? And who could blame them?
    Originally posted by qwert yuiop
    Yes thats probably the justification this week...

    Always bemuses me that the UK Oil companies, even though they carry 3 months stock of oil are always very quick to increase prices, yet it takes them months to react when market prices drop.
    Last edited by motorguy; 06-07-2018 at 3:05 PM.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • Cherryscone
    • By Cherryscone 6th Jul 18, 8:00 PM
    • 1,362 Posts
    • 1,018 Thanks
    Cherryscone
    And when the OAP get their heating grant they put it up that week too.
    ~We are all going to hell and guess whos driving the bus~


    *Norn Iron club Member 294*

    https://www.topcashback.co.uk/ref/spottylegs
    • qwert yuiop
    • By qwert yuiop 6th Jul 18, 9:29 PM
    • 2,505 Posts
    • 1,575 Thanks
    qwert yuiop
    Yes thats probably the justification this week...

    Always bemuses me that the UK Oil companies, even though they carry 3 months stock of oil are always very quick to increase prices, yet it takes them months to react when market prices drop.
    Originally posted by motorguy
    Well in fairness in the oil bust a couple of years ago, prices went down a lot. Even petrol, the price of which is mostly tax, went down about 20 pence a litre. They're not operating a cartel.
    “What means that trump?” Timon of Athens by William Shakespeare
    • motorguy
    • By motorguy 6th Jul 18, 10:13 PM
    • 17,886 Posts
    • 10,909 Thanks
    motorguy
    Well in fairness in the oil bust a couple of years ago, prices went down a lot. Even petrol, the price of which is mostly tax, went down about 20 pence a litre. They're not operating a cartel.
    Originally posted by qwert yuiop
    Not talking about the oil producing nations i'm talking about the oil companies like BP UK, etc exploiting market conditions to their own ends.

    Its only when they're under scrutiny - which they do get occasionally - or when theres a supermarket price war on fuel we suddenly find they can all tighten up their prices.

    They're very quick to raise fuel prices when oil prices to go up, but incredibly slow to drop them when oil prices fall.

    Have a look at BP UKs profits - up 71% in the first quarter of this year to £1.9bn.

    https://www.theguardian.com/business/2018/may/01/bp-profits-oil-price-rises-energy-production

    "The company is the latest oil major to benefit from a bullish oil price, which has climbed from about $67 a barrel at the start of the year to nearly $75. Brent crude averaged $67 a barrel in the first quarter, compared with $61 in the final quarter of 2017."
    Last edited by motorguy; 06-07-2018 at 10:33 PM.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • qwert yuiop
    • By qwert yuiop 6th Jul 18, 11:32 PM
    • 2,505 Posts
    • 1,575 Thanks
    qwert yuiop
    Not talking about the oil producing nations i'm talking about the oil companies like BP UK, etc exploiting market conditions to their own ends.

    Its only when they're under scrutiny - which they do get occasionally - or when theres a supermarket price war on fuel we suddenly find they can all tighten up their prices.

    They're very quick to raise fuel prices when oil prices to go up, but incredibly slow to drop them when oil prices fall.

    Have a look at BP UKs profits - up 71% in the first quarter of this year to £1.9bn.

    https://www.theguardian.com/business/2018/may/01/bp-profits-oil-price-rises-energy-production

    "The company is the latest oil major to benefit from a bullish oil price, which has climbed from about $67 a barrel at the start of the year to nearly $75. Brent crude averaged $67 a barrel in the first quarter, compared with $61 in the final quarter of 2017."
    Originally posted by motorguy
    The problem is at low prices per barrel they don't even break even. The North Sea pretty much shut down back then, when costs of extraction were higher than returns. Whether the world economy can cope with oil prices back up again is the real question. One of the theories for the crisis of 2008 is the rise in oil to $140 that year.
    Oil was no business to be in a few years ago, as evidenced by a quick google of their share prices then and now. You can't blame them for trying to make up for the bad times now things have improved a bit in the industry.
    Anyone in business has to adjust for good times and bad. I certainly do since I'm not running a charity.
    Last edited by qwert yuiop; 08-07-2018 at 8:27 AM.
    “What means that trump?” Timon of Athens by William Shakespeare
    • motorguy
    • By motorguy 8th Jul 18, 1:54 PM
    • 17,886 Posts
    • 10,909 Thanks
    motorguy
    The problem is at low prices per barrel they don't even break even. The North Sea pretty much shut down back then, when costs of extraction were higher than returns. Whether the world economy can cope with oil prices back up again is the real question. One of the theories for the crisis of 2008 is the rise in oil to $140 that year.
    Oil was no business to be in a few years ago, as evidenced by a quick google of their share prices then and now. You can't blame them for trying to make up for the bad times now things have improved a bit in the industry.
    Anyone in business has to adjust for good times and bad. I certainly do since I'm not running a charity.
    Originally posted by qwert yuiop
    Absolutely.

    I dont begrudge them profit, however as i said they manipulate the retail prices of fuel to suit themselves, citing X, Y or Z as a reason on any given week, and being razor sharp on raising prices when crude goes up in price but incredibly slow at dropping it when the price softens.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • x12yhp
    • By x12yhp 8th Jul 18, 10:49 PM
    • 781 Posts
    • 436 Thanks
    x12yhp
    I am sorry, but on a razor thin margin commodity, what you describe is just par for the course. It isn't that the consumer is being done, it is normal and you see it for the majority of commodities out there. What is different is that the general public doesn't tend to buy commodity materials directly. The general public is lucky to have a bunch of supply chain and formulation links before they actually get products and this means that the speed of rises is much slower.

    The reality is that, on petroleum derivatives, the consumer is getting a good deal, as a rule. If the sellers had a bunch of profit built in, these variations would be much less visible. Of course, that would mean you would be paying more!
    Always overestimating...
    • motorguy
    • By motorguy 9th Jul 18, 12:53 PM
    • 17,886 Posts
    • 10,909 Thanks
    motorguy
    I am sorry, but on a razor thin margin commodity, what you describe is just par for the course. It isn't that the consumer is being done, it is normal and you see it for the majority of commodities out there. What is different is that the general public doesn't tend to buy commodity materials directly. The general public is lucky to have a bunch of supply chain and formulation links before they actually get products and this means that the speed of rises is much slower.

    The reality is that, on petroleum derivatives, the consumer is getting a good deal, as a rule. If the sellers had a bunch of profit built in, these variations would be much less visible. Of course, that would mean you would be paying more!
    Originally posted by x12yhp
    Well, you can believe what you like but it wouldnt be the first time the OFT had investigated fuel prices and it wouldnt be the first time there was public outcry over fuel prices and all of a sudden they dropped.

    I'm not hugely bothered either way - i dont rely on heating oil as a fuel source - just merely making a statement based on observations over the years and new articles.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

911Posts Today

8,152Users online

Martin's Twitter