Domestic Heating Oil

Headline 30th March 2020

The heating oil price is still falling.

(This page will be available until the end of April 2020 and will reappear in September 2020 at the beginning of autumn)

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
30th March 2020 41 pence Falling

Price History from the Office for National Statistics

(Office for National Statistics - Feb 2020 - next update due on 25th Mar)
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. It peaked again at $1.35 the day after the December 2019 election. 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
23rd March 2020
Poundsterlinglive - "The British Pound has defied another deep market selloff to start the new week relatively well supported against its major peers. The UK currency advanced by over half a percent against the Dollar on Monday while it is seen higher against the Euro amidst a sharp drop in global stock markets.
The resilience will come as a surprise to some as Sterling has since lates February shown itself to be vulnerable to declines in global stock markets with pressure on the currency rising as anxious international investors sell UK-based assets such as stocks and government gilts.
Global stock markets look set to spend another day in the red as countries continue to implement strict measures to fight the coronavirus pandemic which will ultimately hit economic growth. Overnight, meanwhile saw the U.S. congress fail to agree an economic rescue package to support the economy."

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 - 25th March 2020
SINGAPORE (Reuters) -"Oil prices extended gains for a third session on Wednesday, rising alongside broader financial markets as the United States is expected to approve a massive aid package to stem the economic impact of the coronavirus pandemic .Brent crude LCOc1 was trading up 65 cents, or 2.4%, at $27.80 a barrel after earlier rising to a high of $28.29. "
To put this in context any minor falls or gains are against the background of crude oil falling 48% overall this month.

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.