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.

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 Trend
21st August 2019 48.8 pence Small changes

Price History from the Office for National Statistics

(Office for National Statistics - Aug 2019 - next update due on 18th Sept)
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 - 22nd August 2019
LONDON (Reuters) - "Sterling crept higher on Thursday, but doubts over British Prime Minister Boris Johnson’s ability to convince France to reopen Brexit negotiations were likely to limit any gains."
https://uk.reuters.com/article/uk-britain-sterling-open/sterling-ticks-h...

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 - 22nd August 2019

LONDON (Reuters) - "Oil rose further above $60 a barrel on Thursday, supported by a drop in U.S. crude inventories and OPEC-led supply cuts, although worries about the global economy weighed. U.S. crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the U.S. Energy Information Administration also said gasoline and distillate inventories rose.
Brent crude LCOc1 rose 47 cents to $60.77 a barrel by 1153 GMT"

https://www.reuters.com/article/us-global-oil/oil-steadies-above-60-jack...

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)