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Heating Oil Prices

Heating oil is a petroleum based product that is used for fuel. Heating oil is burned in order to provide an energy source that can be used to warm up buildings. This is necessary during colder months to stay warm indoors. Heating oil is also known by its other name, No. 2 fuel oil, as categorised by the American Society for Testing and Materials. This measure classifies the different grades of fuel oil by combustion practices, although the specifications have changed over time to take into account the latest refining procedures.

As heating oil is a commodity product, where it is hard to differentiate from different heating oil suppliers, the heating oil prices are subject to supply and demand. As a classic example of a commodity, petroleum cannot be distinguishable from different producers. Therefore, market forces will determine the price of heating oil fuel.

For instance, when demand for heating oil is low, the heating oil price will fall to stimulate demand. Moreover, as heating oil is considered to be a seasonal product where its main use is during winter, it is likely that demand for this fuel is low during the summer as there is no need to heat homes in the warmer weather. As a result, heating oil prices are generally lower in the summer, when the temperature is higher.

Home Heating Oil Prices

Heating oil is used to heat homes across the United Kingdom. Rural parts of the country depend on this source to generate warmth in households. In Great Britain, approximately 1.5 million people use heating oil to heat up their homes. Companies that supply heating oil range from large enterprises that provide fuel on an international scale to smaller enterprises that only serve a specific region. Therefore, it is important to track the heating oil prices from several suppliers in order to make savings and to get the best deal on the market.

Alternative Names for Heating Oil

Heating oil is also known as boiler juice in the UK as well as home heating oil, referred to as HHO, by the acronym. After gasoline, heating oil is the next biggest product of crude oil, accounting for around a quarter of the amount of petroleum. Heating oil is a distillate, where it has been separated on the basis of the variation of the volatilities (the level at which a substance will vaporise) from the original product. Generally, red dye is added to heating oil in the UK where the term “red diesel” is used to reference the fuel.

Heating Oil Tanks

Heating oil is stored in tanks. It is important to make sure that leaks are kept to a minimum as heating oil is hazardous and is harmful to the environment if it is not transported, stored or burned properly.

Other Information on Heating Oil

Two organisations are working together to promote a campaign to persuade those who rely on heating oil in order to warm up their homes to purchase the fuel in the summer and early autumn to get favourable prices. The Action with Communities in Rural England (ACRE) and the Department for Energy and Climate Change (DECC) want households to stock up on heating oil in periods when the price is lower. Furthermore, suppliers are more able to deliver the heating oil faster at these time periods.

The DECC state that placing orders for heating oil in off peak periods will result in more favourable deals from fuel suppliers, which takes place in the summer. This campaign originated from the fact that the number of hits to the Citizen Advice website increased by 78% in July 2011, from consumers who wanted to find out how to save money on their energy costs, compared to 2010. This illustrates that saving money on fuel costs is vital to ensure that consumers are not going to live in fuel poverty. With winters in the UK becoming harsher, it is best to order heating oil early, rather than at the last minute, to ensure you get good heating oil prices and the knowledge that the fuel will be delivered quickly. Heavy snow in the past few years in the UK means that transporting fuel in these bad conditions can delay delivery times when people desperately need the heating oil to stay warm at home.

Calling 0844 664 18 17 or filling in the quote for you will be able to get quotes on heating oil prices from a number of heating oil suppliers. Knowing how much you need to pay for domestic heating oil is essential to ensure that you get the cheapest heating oil prices so that you can save money.

As heating oil prices fluctuate along with kerosene prices, it is best to monitor the changes in price to obtain the biggest savings, which is usually during summer. Therefore, even if you haven’t run out of heating oil, it is a good idea to buy when the price is low to take advantage of the reduced price, as you will need more at some point!