In recent weeks, heating oil prices have fallen contrary to the expectations of some experts. Will it continue like this?
Owners of oil heating systems who had not yet completely filled their tanks have been able to score real bargains in recent weeks. The prices for heating oil have continued to fall despite the heating season, the Middle East conflict and the requirements of the OPEC countries.
According to the specialist portal “Tecson.com”, the price for heating oil is currently 114.60 euros per 100 liters. This is a price change of 1 percent compared to the previous week and 3.4 percent compared to the previous month (118.6 cents per liter*). The development of the heating oil price becomes particularly clear when you look at the previous year’s level. Twelve months ago, owners still had to pay 155.9 cents per liter*. You are currently paying 26.5 percent less than a year ago.
*The information refers to a delivery quantity of 2,500 liters including VAT .
Heating oil prices are falling: Wait to buy?
Given the developments, some oil heater owners may think they should wait before buying. But that’s not a good idea, experts explain. The risk of waiting is increased.
The heating oil trade expects increased demand for the fuel, especially from the end of November/beginning of December or shortly before Christmas . And the situation in the Middle East could also escalate even further, causing heating oil prices to skyrocket again. The situation is expected to become turbulent in the coming months. According to experts, it makes sense to only order a partial quantity that covers requirements until the end of the heating season in April/May 2024.In addition, according to experts, delivery times for orders can take several weeks. Owners of oil heating systems should also consider this when ordering. It is also important that CO2 taxes will increase from 2024. Another reason why the order should be placed as early as possible.