Cheap Oil Prices…How Long Will it Last?

There’s no doubt about it, oil prices in the UK and Northern Ireland have dropped to remarkably low prices much to the pleasure of those who rely on oil to heat their homes.

The abrupt drop in fuel price in the UK took virtually everyone by surprise, even the most seasoned fuel forecasters. Now, the big question is: will the oil prices remain low, or will they gradually creep upwards once more?

Soaring oil prices NI & UK?

The cynics among us agree that the drop in fuel price can only be a temporary thing. After all, historically, oil prices have always fluctuated, and a rise after a fall in price must surely be an inevitability.

Not so, according to some experts. Mohamed A El-Erian from Bloomberg View, dares to contradict this opinion. Rather than seeing the lowered price of oil as a natural part of fuel fluctuation, he states that the world as a whole is experiencing a ‘fundamental shift’. The well-established supply model is being challenged, and changing mind-sets towards the supply of oil are likely to have ‘long-lasting effects’.

Falling fuel prices UK… the reason?

There are several contributing factors to this seismic shift in the oil market, but the main change is coming from Saudi Arabia; who are now no longer content to artificially limit their oil supply in order to support inflated prices. Doing so in the past has actually cost the country significant market share, and they are not willing to run the risk of losing out again.

The effect of this? Low prices, according to El-Erian, will close down unprofitable oil fields, not to mention other forms of energy supply. Whilst prices are low, demand will increase, resulting in an extended period of time where low oil prices can be enjoyed.

Inevitable return

El-Erian, despite his optimistic predictions for the price of oil, acknowledges that in the end, prices must surely rise again; though he anticipates there will be an extended period of lower rates for cheapest heating oil system owners across NI and the UK. However, these strange times won’t come without considerable shake-up. Importing countries will benefit from the change. Exporters, such as Iraq, Nigeria and Russia, will not. In short, big changes are afoot, and it’s anybody’s guess as to what the outcome will be. Low oil prices NI – cashing in

The official advice at present is to make the most of the low oil prices whilst you can. Whilst they may continue to be low for a while yet, the bottom line is that there is no guarantee. Oil is a market in a continual state of ebb and flow, and even the experts struggle to predict exactly what will happen to prices in the future.

Low oil prices at Value Oils

If you want to benefit from the low fuel prices at present, get in touch with the Value Oils team today. We always ensure that our prices are in line with wholesale rates. If the wholesale rate comes down, we’ll guarantee to pass the savings on to you, without exception.

Home Heating Oil The Facts…and the Fiction

Few sources of energy for the home are as misunderstood as heating oil. There are a lot of common misconceptions surrounding oil; which can deter people from choosing to heat their home using this method. Here is a brief guide, outlining the facts of using heating oil systems for your home…and debunking some of the myths!

Home heating oil: The Facts

1. It’s not dangerous.

Firstly, a fact. Any heating system has the potential to be dangerous, regardless of how it is fuelled. If the system is not properly maintained, serviced and looked after, then it can present a danger in the home.
However, with the right care and attention, heating oil is not dangerous. If stored correctly, it poses no threat to anybody; though it is important to ensure that your tank is checked regularly for leaks. If your boiler is regularly serviced by a qualified heating engineer, then your heating oil system is no more hazardous than any other form of heating.

2. It’s not expensive.

Another common misconception is that oil is expensive, and as a result, it’s not cost effective to heat your home using a heating oil system. This simply isn’t the case. Unlike other fuels, oil prices are in continual fluctuation; which can sometimes result in raised prices, but can also mean low prices too.

Most savvy oil heating system owners tend to buy in bulk when rates are good, and purchase less when prices are higher. Indeed, those who use oil to heat their houses are particularly delighted at present, as oil prices are remarkably low, and they are making significant savings on their heating bill. There are also several other ‘tricks of the trade’ to ensure you keep your heating costs down.

3. It’s not bad for the environment.

When it comes to the environment, oil really does get a bad press. However, when compared to the emissions released by a gas boiler, oil boilers actually produce less harmful CO2. Many people who heat their home using oil also form buying groups with neighbours; which reduces CO2 emissions from tanker delivery.

4. It’s efficient.

Do you think home heating oil is inefficient? You’re not the only one. In fact, this is one of the most common misconceptions about oil, with many people believing that their home heating oil prices are too high, given the amount of energy generated.

The fact is that oil tends to produce more energy than other fuels, when measured using the same quantity. Obviously, it is difficult to compare fuels precisely, as they take a variety of forms; but the fact is that oil actually releases a lot more heat than other forms of fuel, and is very efficient (providing the system is well maintained).

Cheapest Oil Price in 3 Years: The Time to Buy is Now

The price of oil has undergone a radical drop in recent months. Remarkably, cost has decreased by nearly a quarter in only 6 months; with prices falling from $115 (£73) per barrel in summer to around $84 (£53) per barrel in November.

Of course, before getting too excited, it’s important to keep in mind the reality of the situation. In the last 6 years, the market has seen a number of commodity crashes, followed by spikes in prices; and to say that the oil market is unpredictable at present is an understatement.

Making the most of the cheapest oil prices in months

Due to the volatile nature of the oil market, it’s always advisable to seize the opportunity to buy in bulk when prices are low. It’s a time when there is real money to be saved and it’s a good idea to act quickly in order to obtain the cheapest oil price possible.

However, don’t trust that the savings will be automatically passed on to you. Fortunately, there are plenty of reputable heating oil distributers who will act decently and ensure that you benefit from the lower wholesale prices. However, the ‘rocket and feather’ effect is occasionally felt by the general public; the general feeling that prices will ‘rocket’ upwards rapidly when oil prices go up, but descend as slowly as a ‘feather’ when they go down, which means that consumers don’t reap the full benefits of the reduced costs.

Do your homework when you buy heating oil

Of course, you need to act relatively quickly when oil prices are low, to ensure you make the most of the excellent prices. However, it still makes sense to do your research and to ensure that you’re purchasing from the right supplier.

Here are a few things to consider when researching the market:

Who offers the best price? Money should always be a top priority. Sometimes, it’s a good idea to phone the company in question and ask about bulk prices, which will always be considerably cheaper than buying in small amounts.

Can they offer consistently lower prices? Don’t necessarily opt for the company that has the lowest prices at that particular time. It makes better sense to select a heating oil supplier than offers consistently good prices, and is always firmly focused upon passing savings on to their customer.

Can they offer swift delivery? Some companies will offer cheaper prices, but there will be drawbacks, such as longer delivery times. For most, this isn’t terribly practical, especially when you need the heating oil in a hurry in order to heat your home. Look for a company that offers quick delivery, plus a faster option, if required.

Value Oils: Passing the savings on to our customers

Value Oils take pride in keeping things fair. If the wholesale price of oil comes down, so do our retail prices; and we always aim to offer highly competitive deals, especially on bulk orders. If you want to find out more about our oil prices.

Reasons Why You Need Your Oil Boiler Servicing Every Year

The vast majority of boiler experts and heating engineers will tell you that it makes good sense to have your oil boiler serviced each and every year. However, without a comprehensive explanation, many people wonder just why exactly it is so important to have it done. After all, if your oil boiler is operating without any issues, what is the advantage of paying to have it checked?

Paying the price: Oil boiler service cost…is it worth it?

Often, homeowners believe that, simply because their heating has been operating well over the last year, it doesn’t require any form of boiler servicing. However, people tend to change their mind quite quickly when their boilers break down, leaving them with an ice-cold home until an emergency repair man can find the time to fix the heating…often at a far greater cost than an annual service!

Some people learn the lesson the hard way. If you want to avoid the same fate, then it’s time to arrange for a boiler service as soon as possible. Booking an annual check-up for your oil heating system is a wise decision, and compared to the call-out price of an emergency boiler repair, oil boiler servicing costs aren’t actually too bad at all.

What are the advantages?

Your oil boiler service cost is certainly money well spent, for a number of reasons. Here are just a few of the benefits to keep in mind when arranging your annual service.

2. Saving money. Oil boilers, for the most part, run extremely efficiently. However, over time, this efficiency can diminish, causing the system to use up more oil and ultimately, raise your heating bill. An annual service is an excellent way of identifying any issues that may be preventing your boiler from operating at its best and a good boiler service engineer will be able to ‘tweak’ your system to ensure you’re getting the best usage out of your oil supply possible.

2. Staying safe. Safety should always be a top priority for you, especially if you have children in the house. Your oil boiler functions under high pressure, and if there is any weakness in the system, it can cause a pipe to rupture, or even the boiler itself to explode. As you might imagine, this is highly dangerous and can result in serious injury. Your boiler servicing cost will cover a full safety check, which is vital for staying safe.

2. Keep it clean. The boiler and flue get extremely dirty after a period of time, as soot and other detritus builds up around it. This grime can affect the smooth running of the heating system, forcing your system to operate in less than ideal conditions, which again, leads to a higher heating bill.

2. Avoid the hassle of breakdown. A broken oil boiler can wreak havoc in your life, particularly in the winter months. Managing without heating or hot water is incredibly difficult, and booking a regular boiler servicing can help you to avoid this unpleasant situation.

Domestic Heating Oil: Top Tips to Get the Most Out of Your Heating Oil Supply

It’s important to get the most out of your domestic heating oil; not only to save money, but also to avoid having to order on a frequent basis, and to make what you purchase last as long as possible.

If you use heating oil in Northern Ireland and are looking for some expert tips on how to make your oil supply work as hard as possible to heat your home, then read on for some helpful tips.

Tips and techniques to make your heating oil work harder for you

2. Don’t skimp on servicing. Getting your boiler regularly serviced may seem like a bit of a hassle, especially if nothing seems to be wrong with it, but if you avoid regular servicing, you could actually be costing yourself extra money. A professional annual servicing will ensure that your boiler is running to optimum efficiency, using as little oil as possible to produce the heat that you require heating oil prices

2. Don’t get overheated! In the winter months, there is a strong temptation to crank up the thermostats and bathe the house in warmth. However, raising the temperature to higher levels than you actually require is a sure-fire way of wasting valuable oil. Instead, try keeping your thermostat just a few degrees below what you’d normally select. Chances are that you won’t notice much of a difference in terms of temperature in your home, but you’ll notice a big difference in the amount of heating oil that you’re using.

2. Don’t ignore faults or leaks. If your boiler starts acting strangely, or displaying any signs of leaking, don’t ignore the issue. A faulty boiler is likely to use oil far less efficiently, which can end up costing a lot of money. Instead, call a professional and get your boiler checked and mended, if required.

2. Consider a new boiler. Of course, spending a fairly large amount of money on a new boiler is unlikely to be a particularly attractive prospect. However, it can actually save you considerable money in the long run, particularly if you’ve had your existing boiler for a long time. Modern boilers are generally far more efficient, using a lot less domestic heating oil to warm your home.

2. Watch out for theft. Unfortunately, if you use heating oil, you are vulnerable to theft. However, there are measures that you can take to prevent this as much as possible, such as monitoring your levels of oil regularly, locking your supplies securely and making your tank less noticeable by concealing wherever possible.

Autumn Heating Oil Tips: Preparing Effectively for the Coming Season

As the temperatures begin to dip, it becomes increasingly important to give some thought to your boiler and heating oil usage for the coming colder months. To make sure that you get the best from your heating system this Autumn, we advise that you follow the useful guidelines below:

Preparing for Autumn

Buy heating oil now: Two thirds of all heating oil is purchased in the later months of Autumn, as the cooler weather kicks in and more people rely on their heating to warm their homes. As a result, prices are predictably higher at this time of year, as demand is substantial and supplies are sometimes strained.

In extreme cases, people have even been left without heating, unable to buy heating oil, due to demand outstripping available supplies. Don’t run the risk of missing out on vital heating oil for your home. Purchase now, when supply is practically guaranteed, and more importantly, prices are lower!

Get your boiler serviced before the winter: Many boiler breakdowns occur in winter, due to increased usage, especially after a protracted period of usage being limited (in the summer months). Being without heating when the weather is cold is an exceptionally unpleasant experience. Make sure you get your boiler fully serviced, so that it doesn’t let you down when you need it most.

Check your tank: Now is a great time to give your tank a thorough inspection, in particular, focusing on any leakages. Leaking tanks not only waste your valuable heating oil, but can cause a range of significant problems, such as contaminating groundwater. If the leak continues unchecked, it can cause major spillage issues, which costs a lot of money to clean up.

Consider forming a buying group: If you live in an area with many other people requiring heating oil, it can work out cheaper to form a buying group and purchase in bulk. Make enquiries in your local community and see if you can find other people to share an order with, in order to make considerable savings on your heating oil order.

Explore other ways of heating your home more effectively: Before the weather gets too cold, make sure you explore other ways of increasing the efficiency of your heating. If you haven’t already, consider investing in double glazed windows, which will significantly reduce heat loss, and insulate your roof, which is where up to 35% of the heat is lost.

Buy heating oil for the Autumn and save money today

If you’re looking to buy heating oil for the coming winter, then get in touch with us today, by calling 0905 88 90 100. Our team of experts can recommend other useful tips to help you get the most from your heating system, and offer highly competitive prices.

Protecting Your Heating Oil: Preventing Heating Oil From Being Stolen by Thieves

Oil is a valuable commodity, and sadly, this is a fact that thieves have not failed to notice. It’s not uncommon to hear about situations of domestic heating oil theft; and it would seem, unsurprisingly, that thieves are particularly targeting sizable tanks; which can, when filled to capacity, hold hundreds of pounds worth of oil inside them.

As a result, if you use heating oil to fuel your boiler, it’s imperative to take certain security measures to ensure that your valuable supply doesn’t get stolen.

Protecting your heating oil supply: Top tips to deter oil thieves

Here are just a few suggestions as to how you can keep your heating oil supply safe from thieves.

• Don’t place your tank in an obvious position. If you have a choice about where your tank is positioned, make sure that it is placed somewhere as inconspicuous as possible. Alternatively, place it in a position where it can be seen clearly from one of your windows, which may act as a deterrent for opportunistic thieves.

• Install locks. At the very least, it’s a good idea to install a lock on your tank filler cap. If your tank is positioned in an outbuilding, make sure that the building is also fitted with a s sturdy lock.

• Consider installing CCTV. If you store a considerable amount of heating oil on your premises, consider investing in a CCTV system to keep an eye on your supply. If not, invest in a fake CCTV camera somewhere prominent, which may serve to act as a useful deterrent.

• Don’t advertise your supply. If possible, plant trees or bushes to conceal your tank (preferably spiky-leafed ones, which may act as a further deterrent!) and don’t leave empty oil drums or containers on display.

• Keep tabs on your oil. It makes sense to check your oil supply regularly. If you notice a sudden suspicious drop in oil levels, then this should set alarm bells ringing. If you want a really accurate idea of oil levels, install an oil level gauge, which will actively alert you if there is a sudden drop

• Protect fuel hoses. Cover fuel hoses with a hard protective case, which thieves will find difficult to break into.

• Get a motion detection sensor fitted. Investing in a motion detection sensor, which turns on a light when movement is detected, acts as a highly powerful deterrent to thieves.

Looking for extra advice on keeping your heating oil safe? Talk to us!

If you want extra advice on how to keep your valuable heating oil safe, then get in touch with us by calling 0905 88 90 100. With the right preventative measures in place, you’re far less likely to find yourself a victim of heating oil theft.

Domestic Heating Oil Prices: What Factors Affect the Price of Your Home Heating Oil?

When is a good time to buy, in order to get the cheapest heating oil?

This is definitely the million dollar question, and one that every user of heating oil will inevitably wonder at some point or another. Unfortunately, there is no single factor that determines oil prices, but rather, a complex range of factors that influence how much or how little you’ll have to pay.

Here are just a few things that can cause oil prices to fluctuate:

• Output. If, for any reason, output of oil decreases, then immediately, this pushes prices up, as the commodities traders will rush to buy the oil as soon as possible.

• Demand. In times of increased demand (for example, if there is a particularly cold period during the winter), oil reserves are used up more quickly, which drains the supplies. This in turn will push up prices.

• Crisis situations, such as war. When war breaks out (or even threatens to break out) in an oil-producing country, this can have a serious knock-on effect on oil prices. Commodities buyers will rush to buy oil, in the anticipation of supplies becoming limited in future months, and will charge more accordingly.

• Natural disasters. Very occasionally, natural disasters, such as hurricanes and flooding, can cause significant damage to offshore oil platforms. This again causes prices to rise.

However, the good news is that, for the last year or so, oil prices have been dropping or remaining stable, making now an excellent time to purchase cheap heating oil in bulk quantities.

Want to buy cheap heating oil? Book a boiler service and save in the long run

In addition to purchasing heating oil in bulk when the price is good, it makes financial sense to book your boiler in for regular servicing, to ensure that it runs to optimum efficiency. An inefficient boiler system can drain oil supply quite significantly, and cost you a lot of extra money in the long run.