When the sun’s out and the mercury is rising, heating oil is probably not top of your list of worries. However, planning ahead for winter (as well as those disappointingly chilly summer days) can offer considerable benefits.
Constant fluctuations in the industry make heating oil prices difficult to predict, but warmer periods usually correspond to a drop in value. As most households use their heating less in summer, the demand for heating oil can often fall during this time, along with the price. Other factors like the price of crude oil, foreign exchange rates and political turmoil in oil-producing countries all play a part, but generally, the tried and tested economics of supply and demand still hold true.
When it comes to heating oil prices, buying early generally means buying cheaper. Even if oil is experiencing a price spike, planning ahead over summer gives you more time to prepare, assess your oil levels and avoid being left in the cold, come winter.
In fact, lower summer prices offer a great opportunity for heating oil users. Instead of ordering as usual, you can make great savings by stocking-up on your supply when prices are lower.
Planning ahead is crucial if you’re on oil, so one of the first things you should do when summer comes around is check your oil levels. Once you’re aware of your tank’s capacity you can fill up while prices are low. As well as taking advantage of lower summer prices, bulk-buying means you can also benefit from better, ‘bulk’ prices, resulting in massive savings compared to last-minute panic buys.
Buying heating oil on a Budget
If you struggle to find the funds to buy a full tank’s worth of oil in one go, help can be found in the shape of oil loans and Payment Plans. Some credit unions offer no-interest loans for heating oil, while payment programmes allow you to spread the cost by depositing a small amount of money into an online account each month. Check your local area to see what kind of financial assistance is available to help you make the most of buying in summer.
Another way of getting a better heating oil price is to order at the same time as your neighbours. When heating oil Suppliers can distribute to multiple homes in one area at the same time, they make savings on their delivery costs which they often pass on to their customers.
If you don’t want to wait to order with your local buying group, BoilerJuice automatically group your order with others placed in the same area to help you get a great bulk-buy price, every day of the week.
Warmer weather also results in less disruption to your heating oil delivery – another reason why planning ahead pays off. Icy roads, often at their worst in rural areas where most heating oil users are based, can make it difficult for oil delivery trucks to get to homes on time. If it’s a particularly cold winter, the last thing you want is for your heating oil supply to run dry as a result of delivery disruptions.
Take advantage of the conditions in summer to save money and ensure you’re not left stranded when winter comes around.