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When to Order Heating Oil for the Best Price?


As the 1.5 million UK consumers of heating oil Shropshire will know, there can be significant price fluctuations, which can mean paying a different price depending on what time of year it is. Oil and gas prices fluctuate regularly so it can be quite difficult to know when the best time to purchase heating oil is in order to get the best value or the cheapest price - particularly in the run up to the colder winter months when you’ll be using the most home heating oil. On average, a household that uses home heating oil will use two-thirds of its yearly heating oil consumption between October and March.


There are many complex factors that influence the price you pay for your home heating oil, this does make it difficult to predict when the best time to buy your oil is. However, by understanding some of the main factors that affect the price of winter heating oil, you will be in a much better position to make an informed decision about when the best time to order is for you. Although, as a general rule; it is recommended that you start thinking about your winter heating oil requirements in the autumn. This means that you’ll be ready and prepared should the colder weather arrive sooner than anticipated, plus you’ll be able to skip the rush for deliveries leading up to the busy Christmas period. 


What Factors Influence the Price of Winter Heating Oil?

During the winter months when the weather is at its coldest, it would be right to assume that a household would use more heating oil to keep warm than during the warmer summer months. This means that the demand for heating oil is likely to increase quite significantly during the seasonal weather. An increase in demand is likely to result in a rise in price as more Kerosene will be needed in order to cope with the higher demand. 


Weather changes will also heavily influence the price of home heating oil; a particularly cold winter or an unexpected spell of bad weather, where households are using more oil for heat could result in a sharp price increase. Likewise, a mild winter could see households turning down the home thermostat, and using less oil, which might mean a drop in prices. You are highly likely to find that because demand for heating oil is lower in the summer months, the price you pay will also be considerably cheaper. 


Keep an eye on global factors which might also have a bearing on the price you will pay for home heating oil. Crude oil which forms the basis of Kerosene heating oil is bought and traded in US Dollars. The Pound Sterling to US Dollar exchange rate will also have an impact on the price you pay for heating oil. As will the availability of oil from producers. Oil producers around the world will try and anticipate the quantity of oil that will be required. If demand for heating oil is higher or lower than they have anticipated it could affect the price you pay. Other issues such as global political, weather and economical events may also play a role in influencing the price of your heating oil this winter.


When is the Best Time to Buy Heating Oil this Winter?

Monitoring these influencing factors may help you to predict whether the market prices are likely to rise or fall, and may help you to decide when would be the best time for you to fill your heating oil storage tank ahead of the colder weather starting. However, the advice would always be to fill your tank as early as possible so long as you can afford to do so.

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