July – September prices at their cheapest since 2007
To follow up on our previous post, where we investigated seasonal heating oil price trends to uncover trends for the best time to buy, we now focus on July-September to provide context to heating oil prices today, and where we can expect them to head in the near future.
After prices rose 13%, comparing April-June to January-March, the UK average heating oil price has continued to rise. During the last three months, prices have risen from 31.78ppl to 34.08ppl.
Despite these summer months typically being a period of low demand, crude oil price increases and the falling value of the pound following the June Brexit result have resulted in a UK average 7.2% price increase, comparing July-September to April-June.
It’s worth noting however, that this was still the lowest Q3 on record. In fact, you’ll have to go all the way back to 2007 when prices were the next lowest at 35.03ppl.
Whilst prices are on the up again after three years of falls, 2016 has still been an amazing year for heating oil users so far, with the lowest ever first, second and third quarters on record.
With November’s OPEC meeting in Vienna looming, regular announcements could have a significant impact on heating oil prices. With that in mind, we recommend filling your tank sooner rather than later to keep your costs as low as possible. Otherwise, you could be paying a higher PPL.
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