Domestic Heating Oil Prices

There are are a number of oil purchasing co-operatives organised on a local, regional and national scale which are easy to find on-line. If you prefer to time your purchases yourself and negotiate your own deal here is some information that might help.

There are several websites that will provide you with a quotation for delivery to your postcode. At the moment at least one will allow you to order the quantity you want (subject to the usual minimum applied by most suppliers) without commission and without having to sign up as a member.

Headline

Heating oil prices are currently about 2 pence higher than the last low in June 2019

Latest Price for Domestic Heating Oil

The prices provided are simply the information available at any given time and intended purely as a rough guide. The price in Stockland has always been cheaper than the UK average and by as much as 5p in the past.

Date UK Average Price Local Price Trend
17th July 2019 49.3 pence ... Small changes

Price History from the Office for National Statistics

(Office for National Statistics - June 2019 - next update due on 20th July)

The lowest price since 2011 was 28.6 pence in February 2016. The most recent peak was 59.9 in October 2018.

Watching the trend in heating oil prices

Exchange Rates

Stock market prices and fluctuations in the exchange rate are very strong factors affecting the price of heating oil. In the past 2 years the GBP/USD exchange rate fell from highs of $1.53 in Sept 2015 and $1.49 in June 2016 to a low of $1.20 in Jan 2017. The live ticker below shows how many dollars one pound and one euro are worth now. Oil is traded in dollars so a higher rate is good news.

Exchange Rate News - Pound Sterling - 17th July 2019
LONDON (Reuters Breakingviews) - "Sterling is a collateral victim of the race to be Britain’s next prime minister. The frontrunner, Boris Johnson, has promised Britain will be out of the European Union by the end of October, “do or die”. What’s more, he and his rival, Jeremy Hunt, are vying with each other to take a harder stance on Brexit. Whatever good that does either man’s chances, it’s inflicting considerable damage on the pound. More pain probably lies ahead.
Sterling on Tuesday fell to 27-month lows around $1.24 "

https://uk.reuters.com/article/us-britain-sterling-breakingviews/breakin...

Crude Oil Prices

The trend in the price of heating oil tends to follow the crude oil price trend but there is often a time lag. The Brent Crude Oil chart on the left at the foot of the page shows the price range over the last eight months. The chart on the right covers recent weeks and gives live trading data for ULSD (Ultra low sulphur diesel) on which heating oil trading is now based. In the UK the domestic heating oil you buy may be referred to variously as Standard Grade Burning Oil (SGBO), UN1223 Kerosene or 28 Second Heating Oil. It is tinged yellow with a Euromarker dye to distinguish it from other petroleum products because it is tax rebated.

Crude Oil Price News 18th July 2019

(Reuters) - "Barclays on Thursday lowered its oil price forecasts for the second half of this year and 2020, saying it expected slower demand growth due to a weaker-than-expected global macroeconomic backdrop.....Oil prices steadied on Thursday after falling in the previous session when official data showed U.S. stockpiles of products like gasoline rose sharply last week.."
https://www.reuters.com/article/us-oil-prices-outlook-factbox/factbox-ba...

OPEC Oil Price
Introduced on 16 June 2005, the OPEC Reference Basket (ORB) is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). The price below is a live feed from OPEC.

To put this price in context it reached a peak of 136.34 back in July 2008 and a low of 22.48 in Jan 2016. Since then the overall trend has been up until a peak of 83.24 on 3rd October 2018 with a more recent peak of 74.04 in April 2019 amidst a bumpy decline to its current value.

Brent Crude Oil Benchmark Price
(recent months)

'Live' Data - but sometimes several days in arrears

Heating Oil Futures Trading Price
(recent weeks)