Month-to-date, June average prices are higher than the previous December for the first time in 6 years. So when is the best time to buy?
Heating oil prices continue to defy tradition this year, rising in summer compared to the previous winter for the first time since 2010. Demand and therefore prices typically fall in the summer but this year prices have risen thanks in part to strengthening crude oil prices.
With a barrel of Brent Crude now over $50, the price has increased 95% since January 2016. This matters because the price of Crude oil is one of the main contributors to domestic heating oil prices and usually rise and fall together. This year is no exception.
What does this mean for the heating oil user?
Since January, when BoilerJuice average prices hit an all-time low of 25.78 pence per litre, prices have increased almost 30% to 33.1 pence per litre.
So far there’s no sign that this increase in both Crude oil and heating oil will stop any time soon. If Crude oil continues its current trajectory kerosene prices will likely continue to rise all the way to winter.
So what to do?
While prices have risen, the BoilerJuice average price for June is at an historic low even for this time of year, and filling your tank up now would look to be a good move, especially given short term price falls over the last few days.
If you have space in your tank we recommend filling to the top to get your money’s worth.
Want to see how much you could save?
Phone our Customer Services team on 0800 151 3135 or fill out our quote form to view instant online prices now!