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Are low heating oil and propane prices about to end?

If you are the owner of a home fuel business, find out how to promote your listing in search results.
Are low heating oil and propane prices about to end?
The lockdown and the corona pandemic are causing a lot of pain for homeowners. Prices for heating fuel seemed to be one of rare bright spot: propane and home heating oil are the cheapest in three years (https://www.which.co.uk/news/2020/05/heating-oil-prices-are-their-lowest...), and prices have been steadily decreasing since February, 29% over three months.

A gallon of heating oil averaged $3 in 2019 nationwide, for example, compared to just over $2 right now. Government officials at EIA forecast, however, that in 2021 the average should be around $2.47. For 2020 so far, it’s been $2.45 a gallon.

However, the market situation remains volatile - oil prices have rebounded somewhat over the past week, and that means an increase in how much we pay for fuel.

George Murphy of the Consumer Group for Fair Gas Prices predicts that we will be paying more right across the board come midnight tonight. Gas is going up around five cents a litre as is diesel and home heating fuel.

Some distributors say this may be an especially good year to lock in a price long-term due to those sharp pandemic-related declines. “You can pre-buy oil for under $2 a gallon right now...”

Governor Charlie Baker’s stay-at-home advisory is scheduled to end May 18. Nonessential businesses are expected to reopen over the following weeks and months. While the economy could rebound — giving households more money to spend — a full recovery could take a while. The latest jobless figures underscore that: Jobless claims in Massachusetts topped 893,000, or 24 percent of the labor force, The Boston Globe reported last week.‎

It all comes down to weighing the possible peace of mind that comes with a long-term contract against the possibility that prices will go even lower because of the pandemic or a mild winter. This past winter was especially mild. The state offers tips on weighing a contract vs. a buy-as-you-go plan.
https://realestate.boston.com/news/2020/05/06/heating-oil-prices-down-ti...

As homeowners weigh pros and cons of taking advantage of lower prices, you should keep in mind that panic-buying fuel can cause prices to increase and product shortages to occur: supermarket rush purchases of toilet paper are a good example of hoarding mentality that caused temporary shortages.

Fuelwonk will keep helping people to publish and share cheapest prices across the country, allowing you to make an informed decision - check your local vendors and save on your next propane or heating oil refill (http://fuelwonk.com)

Photo by txemari / Flickr https://www.flickr.com/photos/mythoto/35834453713/

Find a better deal on heating oil or propane from local vendors in 30 seconds or less:


Fuelwonk recommends comparing local vendor propane and heating oil prices before you make the decision to fill up your home tank - use our online comparison tool to find the best offers in your area.


Have questions about heating oil or propane, choosing the right vendor, or heating your home economically?
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Are low heating oil and propane prices about to end?
Prices for heating fuel seemed to be one of rare bright spot: propane and home heating oil are the cheapest in three years. However, the market situation remains volatile - oil prices have rebounded somewhat over the past week, and that means an increase in how much we pay for fuel.
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Over the past 14 days since around April 13th the Heating oil prices have fallen from around $1.1 per gallon to $0.70, and the trend is still downward, but the last couple of days show a slight reversal. Price fluctuations are a normal event but keeping an eye on the trend is still useful when planning heating oil purchases.