Oil Prices: How Low Will They Go? And How will it Affect Your Home Heating Oil Costs?

Earlier this year, oil prices fell to below $50 a barrel. This is the first time that the world has seen such low prices since 2009. Later, costs crept back up to just over the $50 mark, but the indication is clear. Low oil prices are currently here to stay; and indeed, many experts predict that they may fall even further.

Heating Oil Suppliers and Oil Experts

The low costs of oil are having huge impact on the industry as a whole; and as a result, some oil suppliers are calling for production cuts in order to increase demand and drive prices upwards. However, large oil producing groups such as Opec are resisting such measures, which may push prices down even further.

Michael Hewson, CMC Markets analyst, comments: ‘With no sign that Opec will do anything about over-production, it seems likely that we could well see further declines towards $40 in the coming weeks.’

The Knock-On Effect of Low Home Heating Oil Prices

Of course, for those who using home heating oil, news of decreasing oil costs is inevitably well received. When buying through a heating oil supplier who passes the price reduction directly to the consumer, this means significant savings for the end-user.

However, for oil producing countries, the falling prices have spelt economic crisis. For nations such as Russia and Venezuela, who rely heavily on oil as one of their main exports, the dropping oil prices have had a significant impact, especially countries such as Russia, who are not tied to the dollar.

Passing Savings on to the Consumer

ValueOils have always maintained a strict policy of passing savings wherever possible to their clients. However, the same cannot be said for other oil suppliers, who instead, take advantage of the low prices, and boost profits by not reducing their retail prices accordingly.

Earlier this year, politicians called for lower oil prices for consumers, with George Osborne tweeting that it was ‘vital’ that the savings were passed on to ‘families at petrol pumps, through utility bills and air fares’.

However, the US treasury secretary, Larry Summers, points out that there may be environmental risks associated with lower oil prices. Cheaper fuel, for example, may inspire more people to use their cars more frequently, which in turn, would raise carbon emissions. Of course, as is so often the case in these situations, there is no ‘black and white’ answer, and Value-Oil’s recommendation would be to enjoy the reduced costs of oil, but to aim to use your heating system sensibly throughout the year.

When Should You be Buying Home Heating Oil?

Certainly, it seems likely that the low prices aren’t going anywhere, or at least, aren’t set to rise in the near future. However, the summer months are often a good time of year to stock up on home heating oil, as demand is inevitably lower. Leaving it until the winter is seldom a great idea, as this is the season when you need your heating most, and it’s not advisable to leave purchasing oil to the last minute.

Clever Tricks to Protect your Heating Oil Supply from Theft

In spite of the UK experiencing the cheapest heating oil prices in years, oil theft still remains a big problem. Many people across the country who rely on oil to heat their homes find themselves the target of oil theft, as opportunist thieves syphon their valuable oil in the night; leaving the tank empty and the owners often hundreds of pounds out of pocket.

Oil Prices: Does it have an Effect?

Many people believe that the current low fuel prices, UK and across the world in general, should technically serve to reduce the rate of oil crime. After all, logically it makes sense. If oil is seen as a less expensive, less valuable commodity, wouldn’t this naturally curb the criminal’s appetite for stealing it?

Sadly, there doesn’t seem to be a correlation between current low oil prices and theft. Rates of oil crime still remain the same as ever, despite the fact that the UK has seen some of the cheapest heating oil prices since 2009.

Protecting your Investment

Purchasing oil should always be seen as an investment, even if it is the cheapest heating oil in years. As a result, it’s important to protect it from thieves as effectively as possible.

Here are a few helpful tips to ensure that your oil supply stays in your storage tank.

2. 1. Move it closer. Many oil thieves deliberately seek out oil tanks that are positioned a good distance away from the property. There’s an obvious reason why they do this; it makes it that much easier for them to steal the oil without being detected! To avoid this, arrange to have your tank moved closer to your home, preferably within eyesight.?

2. 2. Light it up. A motion detector light is an excellent way of deterring would-be criminals. Positioned near to your tank, the device will automatically flood the area with light if it detects any movement, which is likely to cause even the most brazen of thieves to think twice about stealing your oil.

2. 3. Get covered. Another effective way of ensuring you avoid oil theft is to disguise your oil tank as best as possible. Rather than leaving it exposed and advertising to passers-by that you have oil on the premises, plant some trees or bushes around it to conceal it from view. Fences also provide good coverage.

2. 4. Make it difficult. Make it as tricky as possible for any criminals to access your oil by using a lock. A shackle padlock is particularly effective, as the metal loop on this padlock is hardly visible, which makes breaking into it with bolt cutters that much more complicated.

2. 5. Time for alarm? A remote oil gauge will alert you if there is a sudden, unexplained drop in your heating oil levels; which will enable you to respond quickly if someone is attempting to steal your oil.

Heating Oil Boilers – Looking After Your Oil in Adverse Weather Conditions

This time last year, both Ireland and England were plagued with seriously adverse weather conditions; with part of South West UK disappearing under water in scenes of dramatic flooding. Of course, what causes these ‘freak’ floods, severe rains and sudden snow storms is still a matter of debate; with many people pointing the finger firmly at climate change.

Whatever the cause may be, it’s undoubtable that extremes in weather can play havoc with your oil heating system. It’s a shame, when home heating oil prices are so low, to lose valuable fuel due to bad weather; so it’s important to take precautions wherever possible.

Making the most of the oil prices NI, and looking after your supply

Many people make the mistake of believing, once winter is over, that they don’t need to worry about water or weather damage to their heating systems. Whilst it’s true that you’re unlikely to be plagued by frost in your pipes for the next ten months or so, the same cannot be said for water.

A major problem is water in your tank, which can be hazardous. In times of increased rainfall or flooding, it’s far more likely that you’ll experience this problem. A common problem is water entering the oil line through an exposed site gauge or a bevelled tank top where water has “ponded” beside a fill point. It’s especially common in winter or periods of heavy rain for these things to happen.

Why water in your heating system is a big problem

Frozen water is an obvious problem, as it can quite literally block the pipes, causing your system to stop functioning. However, water in your heating oil supply is also a significant problem, as it can have an adverse effect on the performance of your heating system

. This is especially frustrating if you’re currently enjoying the reduced home heating oil prices; as you’re effectively not making the most of your significant savings.

How to stop the weather affecting your heating

By far and away the most effective way to prevent water or frost damaging your system is to get it regularly serviced & checked by a team of professionals. It’s essential to have your tank regularly checked over; as even small gaps and broken seals can allow water to leak into the system; which at best, may reduce efficiency, and at worst, may prove to be dangerous, or break your heating system. A professional service will ensure that there are no ‘weak points’ in the system where water can enter. It will also guarantee that your system is running on optimum efficiency, and that you’re getting the best possible value from the lower oil prices, NI

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Home Heating Oil: Getting Your Heating System Prepared for Spring

It certainly feels as though it’s been a long winter; and that heating systems across the UK and Northern Ireland have been working to the max to keep people warm in their homes. However, finally spring is around the corner, and with it, we can anticipate some warmer weather. As a consequence, it’s likely that your home heating oil system will be getting less use.

Warmer weather – ignore the boiler?

Whilst the hotter weather may indicate a welcome chance to turn off the heating, throw open the windows and enjoy some much needed sunshine; it’s inadvisable to see it as an opportunity to completely neglect your boiler.

After all, it’s only a matter of time before the summer temperatures cool off, and we find ourselves urgently needing the heating on again!

To ensure that your home heating oil system is in tip-top shape and ready to be used when you next need it, here is a handy spring check-list.

Oil heating system check-list for spring

Just a few basic preparations could mean the difference between a healthy boiler in autumn, and a frustratingly faulty heating system.

In spring, it’s a good idea to:

2. Get your system cleaned. Over the winter, it’s likely that your heating system will have accumulated a lot of soot and scale; which can make the system really inefficient. Of course, inefficiency is not what you want, as it raises the running cost, which means a larger dent in your wallet!

Additionally, soot contains sulphur. If this isn’t cleaned out in spring, the sulphur reacts with water left in the system to form an acid, which can corrode your system from the inside. As a result, it makes sense to get it professionally cleaned as soon as the warmer months arrive. Remember to ensure that the filters, coils and reflecting plates are also given a good clean, to maximise efficiency when you need to use it again

. 2. Make the most of low kerosene prices. Of course, heating oil prices are at an unprecedented low at the moment anyway; which makes it a good time to buy. However, regardless of fluctuating kerosene prices; it’s generally a good idea to purchase in the spring or summer anyway; as demand is less and prices are often lower than winter months.

If you’re not sure what the current prices are, just ask your heating oil supplier.

2. Invest in an annual service. It’s advisable to book your heating system in for a service in the spring (when you don’t need your heating as much), rather than wait for your system to go wrong in the winter months, when you desperately do need it! It’s likely that your heating oil suppliers will also service your system for you.

Get your heating system in optimum shape this season

To get your heating system primed and ready for the next winter, simply get in touch with Value Oils today. We’ll clean and service your heating system, and ensure that it won’t let you down when you next need it most.

Keeping warm this winter: four things UK residents need to Know

There are 4 million customers who are not connected to the national gas grid and many of them use heating oil to keep warm and some also use it to do their cooking, normally through an AGA or range cooker. Heating oil is stored in a tank on the property. It is a good idea for heating oil users to take notice of the heating oil prices and certainly the heating oil price in their area. This will keep residents from paying too much for the heating oil they need.

Before purchasing heating oil for your oil boiler, here are a few things you should consider.

There are several types of oils used in UK homes to generate heat for a family or a couple or single person living in a rented flat or house they own. What heating oil your boiler needs may depend on its age and the type of boiler that you have.

Kerosene Oil - It is called 28 second oil by many UK residents and it is a cleaner, burning oil. This is the type of oil that most home boilers may use and UK residents are more likely to use in their oil or combo boilers.

Gas Oil - This type of oil is known as 35 second or red oil because it is a heavier oil. It is generally used in older boilers, which have not been replaced and not under the newer Energy Compliant regulations for businesses. This oil is used more in commercial and also agricultural ventures. It is also much more expensive than kerosene.

1.New residents, who have moved to a new property, should be able to see the oil type marked clearly on a boiler. If not, ask the previous owner. If they cannot help, contact the OFTEC or Oil-fired industry Trade Association to learn your boiler type.The vast majority of domestic UK oil boilers will use kerosene (also referred to as heating oil)

2.Should you buy premium kerosene? This kerosene can cost 2 – 5 pence per litre more than standard kerosene. You could also purchase a bottle of additive and add the additives yourself. Bottles of additive typically can cost £15+ and treats up to 1,000 litres of heating oil.

3.What should you do if you have appliances that may use heating oil? Before you rush out to buy heating oil, check with the manufacturer. Some manufacturers require heating oil be used. If your manufacturer is Aga, this is certainly the case. However, it is best to ask before finding the best heating oil prices and buying some and not needing it. Remember, heating oil costs can fluctuate, varying from 35p to more than 56p. Many factors can influence the heating oil prices across the UK, including exchange rates, quantity ordered and global market data to name a few

Get an instant domestic or commercial heating oil quote now from ValueOils.com - the UK's leading on-line independent home heating oil supplier, headquartered in Belfast. By utilising our extensive network of quality heating oil suppliers, we are able to offer you competitive heating oil prices, fast delivery, and customer satisfaction all year round, no matter where in the UK or Northern Ireland you are based.