Domestic Heating Oil

Headline 5thDecember 2019

The Brent crude oil price has risen to just under $63 a barrel this week.

Latest Price for Domestic Heating Oil

This is simply the information available at any given time and intended purely as a rough guide as to whether prices are rising or falling. 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 Trend
4th December 2019 51.5 pence Small changes

Price History from the Office for National Statistics

Chart range now Jan 2016 to September 2019

(Office for National Statistics - Nov 2019 - next update due on 18th Dec)
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 - 5th December 2019
LONDON (Reuters) - "Sterling was one of the big movers on Wednesday and held its gains to a seven-month high against the dollar and the euro first thing today. With one week to the UK election, opinion polls appear to have settled around a 10-percentage-point lead for PM Boris Johnson’s Conservatives."

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 - 5th December 2019
LONDON (Reuters) - "Brent crude oil prices were just under $63 as OPEC geared up to increase its cuts in oil supplies when it meets in Vienna on Thursday. It still needs to strike an agreement with allies such as Russia on details of a deal to support prices. Thursday’s meeting is followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday. Reports say Saudi Arabia also wants to support oil prices as Saudi Aramco’s IPO prices on Thursday."

OPEC Oil Price
Introduced on 16 June 2005, the OPEC Reference Basket (ORB) is currently (Oct 2019) 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), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela), Djeno (Congolese). 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.