Thus far in 2015 central heating oil costs have stayed relatively low. At the moment are at their lowest levels ever, since November 2010.
There are numerous factors influencing central heating oil costs. These issues will influence oil costs at global, national and local levels. They will all also affect the amount that you pay to heat your household.
Wintertime of 2013/14 was very mild. That played a big role in the low central heating oil prices we have seen over the past few months. A cold winter can play a massive role in driving central heating oil costs up as demand rises.
Other issues that can effect these fluctuations are international events. For example war, natural tragedies and strikes at fuel plants. The unrest in the Ukraine caused oil costs to rise to a five-week high when tension was high between them and Russia. The former are the world’s main energy exporter. A stop of Russian basic and natural gas provisions through the Ukraine might affect the whole world. Any restrictions on Russia’s energy business would cause costs to spike much higher than they are now.
Since the turn of the millennium, the subsequent events influenced the price of central heating oil:
- The worldwide recession
- Conflict in Iraq
- Political turbulence in Libya
- The weakening of the Euro
- Hurricane Katrina
So What Can You Do To Help Reduce These Exterior Factors Effecting Just How Much You Pay For Central Heating Oil?
At Cooke Fuels we recommend you plot your central heating oil supplies beforehand. Ordering at quieter periods of the year can help effect the rate you pay. Eg., during the summertime months, central heating oil demand is typically at its lowest and so there is a surplus of stock. That will normally result in lower costs. However, with a lack of preparation, you might find yourself ordering when the weather is at its coldest. That will mean you will pay more.
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