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Are Heating Oil Prices Going Up or Down?

With recent changes in oil prices giving us all whiplash lately (yes, us too!), you may be wondering:

Should I fill up my oil tank now, or wait?

How long will heating oil prices stay high for?

Will heating oil prices go down?

 

The short answer is: we’re not sure either. No one can be. 

It is really difficult to predict the price of heating oil – even for a heating oil company like us. The most seasoned industry experts – specialists in global politics, macroeconomics, and more – also struggle to accurately predict what will happen with heating oil prices in the near and distant future.

We can look back at historical oil price averages in our area but the past is not indicative of the future. Trends in our industry are so wildly impacted by variables outside of our control.

So how is Just Fuel helping our valued customers like you?

Well, we focus on what we can do and what we’re good at.

That means at Just Fuel, we are always:

What Impacts Our Heating Oil Prices

We purchase our fuel from local heating oil terminals. These terminals serve all oil companies delivering across our entire geographical area. So when heating oil prices go up, our prices go up too.

We don’t benefit from the drastic upswing in oil prices because our costs are going up proportionally with it.

What we can promise is that when our costs go down though, your prices go down too.

That’s the benefit of purchasing from a will-call (i.e. “call us when you need oil”) company versus a full-service contract oil company. You get today’s price. Not last week’s, not next week’s. Today’s.

How to Get Low Heating Oil Prices

To make life easier and to help our customers save money, we invested in providing real-time technology on our website that allows you to search your zip code and get our lowest oil price in real-time. If you feel the time is right, you can pick what day you want a delivery, how many gallons (we do fill-ups too), and check out seamlessly.

Can we predict if prices will drop or increase tomorrow? No. So our best advice is to just “re-order at a quarter”. It is never a good idea to let your tank run down on empty simply because you are waiting and wishing for a lower price.

The cost of repairing a damaged furnace that results from running out of fuel (not to mention the emotional and physical cost of going cold) are simply hardly ever worth the gamble.

 


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