Energy for less money: buy heating oil now?

The price of oil is currently on its knees and has fallen by more than 30 percent over a six-month period.

Energy for less money: buy heating oil now?

The price of oil is currently on its knees and has fallen by more than 30 percent over a six-month period. As a result, significantly less has to be paid for heating oil as well. This invites you to refuel. Or not?

The heating season hasn't really started yet, so there's an opportunity for those who haven't yet filled up their oil tanks. Because heating oil is currently comparatively cheap. Which has to do with the price of oil, which is currently plummeting. While the price of Brent oil was almost USD 130 per barrel in March, it has fallen to around USD 86. But the OPEC-Plus alliance wants to take countermeasures promptly and support the price with volume control.

So a good opportunity to use the weak phase now and fill the oil tank comparatively cheaply? Probably yes, because in May, 100 liters of heating oil had to be shelled out at 210 euros. It is currently a good 153 euros. In March 2020, however, only around 50 euros were due. But the world was different then.

At the moment, however, it seems clear where the journey is going. All types of energy are likely to remain expensive or very expensive. Among them, the energy sources that are not connected to the grid are in a comparatively good position, as the portal reports. Heating oil is currently even the cheapest fuel in the one- and two-family house class, closely followed by wood pellets. During the crisis, both fuels offer the advantage of being able to be stored at the place of use. In principle, the sales price on the day of the order applies, even if the delivery is weeks later.

However, no one knows exactly how the price of oil or heating oil will develop. In the event of a real recession in Europe and Asia, one can at least hope for a reduction in demand. Which would then have a negative impact on the price of oil. In addition, it can be assumed with certainty that sooner or later oil will have had its day as a lubricant for the economy due to a change in energy policy with regard to climate change. The latter is likely to be a few years away. 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 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.

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