Cheaper heat: heating oil significantly cheaper - refuel now?

In view of the general weather situation, many people don't give a damn about the future and are happy about their oil heating.

Cheaper heat: heating oil significantly cheaper - refuel now?

In view of the general weather situation, many people don't give a damn about the future and are happy about their oil heating. Because with it you can currently keep the place warm at a reasonable cost. Also, the price of oil has just gone into reverse. Should you use the weak phase and fill the tank cheaper?

Now the heaters are roaring again. Heating with oil is currently much cheaper than keeping your own four walls warm with gas. And it gets even better. Because similar to the recently drastically fallen crude oil prices (WTI) to below 80 dollars, the heating oil prices are also falling. And in the event of a real recession in Europe and Asia, one can also hope for a reduction in demand. Which would then continue to have a negative impact on the oil price.

In addition, according to the portal esyoil.com, many European refineries have stocked up on crude oil from America in preparation for the Russian boycott. The delivery volumes from Latin America more than doubled compared to the previous year. Shipments from the US increased by nearly 40 percent. Added to this is an increase in imports from Iraq of 20 percent. According to the portal, against the background of dwindling demand, there is now a risk of a temporary oversupply of oil products in Europe. Apart from that, the oil price also fluctuates because oil is traded in dollars and the exchange rate to the euro is crucial in this country.

Apart from the estimates mentioned, the industry service Tecson reports that the downward trend in heating oil is still intact. So a good opportunity to use the weak phase now and fill the oil tank comparatively cheaply? Maybe. Because in May, 210 euros had to be shelled out for 100 liters of heating oil. At the end of September it was a good 153 euros and the fuel is currently available for just under 127 euros. In March 2020, however, only around 50 euros were due. But the world was different then. And you can never do without speculation when buying heating oil anyway.

Easyoil recommends the undecided to follow the price development closely in order to be able to stock up at an even more favorable moment. The consumer advice center warns, however, not to overdo the bargain hunting and to make sure that you get through the winter with your heating oil stocks. Otherwise it could get chilly at home. Or, if you want it to be warm, maybe a lot more expensive again. In principle, the sales price applies on the day of the order, even if the delivery is weeks later.

Apart from that, there are the following to consider when buying heating oil:

Compare the prices: Different suppliers offer heating oil at different prices. The easiest way to compare the price on a daily basis is online.

Agree on a fixed price: Homeowners should agree on this when ordering and have the supplier confirm it in writing. Then this price also applies if the heating oil becomes more expensive by the time of delivery. Unfortunately, however, also vice versa - if it becomes cheaper.

Think about a collective order with the neighbors: this can save money, since the logistics costs of the supplier will decrease. Disadvantage: If you order for everyone, you may be liable with your money if the others don't pay.

Counter set to zero: Make sure that the counter is set to zero when the pumps are switched on at delivery. In this way, you can check the amount you have filled up.

Fill up without foam: while the counter is running, only fuel oil needs to be visible in the sight glass. If foam appears or if the heating oil disappears completely from the sight glass, the measurement must be interrupted automatically. If the meter continues to run, air is measured instead of liquid during this time.

(This article was first published on Monday, November 21, 2022.)

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