Heating Oil Prices
Market conditions and their affect on heating oil prices:
Historically, domestic oil prices have changed on a seasonal basis, with lower prices often seen in the summer months. Now, as currencies are impacted by world economic and political events, the price per litre of home heating oil largely depends on global events, and as such can fluctuate on a daily basis.
Heating oil is traded in US dollars, so if the pound strengthens against the US dollar, the price of heating oil is likely to come down and vice versa. Supply and demand will also impact on prices, for instance extreme weather conditions will increase demand and this can cause prices to rise, often rapidly.
Home heating oil prices are subject to constant change as many factors impact on price. To summarise, global supply, currency markets, events in oil-producing countries, seasonal demand, refinery production/pricing and the weather all have an impact.
At Northern Energy, we take into account daily changes in heating oil prices, other variable factors, and any added benefits a customer has selected in order to compile a total price for delivery on a given date.
Listed below are some of the factors, amongst other things, that may determine the price charged for your delivery:
- The location of your property
- Distance from the depot/refinery
- The number of litres ordered/delivered
- The ease or difficulty of your individual delivery point
- Any associated risks
- Delivery timescale requirements
Heating your home:
Many factors can affect how much it costs to heat your home using domestic oil. These include the size and age of your house, and the amount of insulation in the doors, windows, walls and pipes. Fluctuating weather conditions and temperatures can also make a huge difference to your annual consumption.
We must also take into consideration that people tend to take different approaches to heating their homes. Some prefer not to heat their homes during the day if they are out, and therefore programme the heating to come on sometime before they return, so that they come home to a warm house. Others prefer to leave their heating on constantly, to ensure that the temperature never drops below a certain level. Both of these approaches will use different amounts of fuel, so both will have an effect on heating oil usage and overall cost.
Due to the fluctuation in heating oil prices, weather conditions and individual usage patterns, it is difficult to accurately determine the cost of heating your home over a twelve month period. However, we will be happy to give you an approximate average usage, based on past and present prices and the rises and falls experienced within the domestic heating oil market, as well as your own individual circumstances.
Please call us on 01423 770 666 and provide us with the approximate size and age of your home and we will be delighted to provide you with an indication of how much heating oil you may expect to use, based on UK averages. Alternatively, we can provide you with the unit price of heating oil at the particular time in question.
For help with home heating oil prices, why not consider our Privilege Plus Package*?
The Northern Energy Privilege Plus Package* is designed to make using home heating oil as convenient and affordable as possible.
Direct debit makes payment easy. Choose from either interest free monthly payments or a one off payment to be made each time your fuel is delivered on a due payment date. In addition, our automatic refilling service and emergency boiler breakdown cover ensure that you will always have steady and reliable home heating. Best of all, we will pay the VAT on all your deliveries of heating oil.
Whilst heating oil prices do change on a daily basis, our Privilege Plus Package will help you cope with the changes and effectively manage your bills.
Little changes at home can really make a big difference and help you save money. For energy saving tips, visit our Energy Saving Tips page on our website or speak to one of our friendly team. You will not only save money but perhaps reduce your carbon footprint too.
Please contact our team for more information.
*Terms and conditions apply