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Cost of heating oil could stay low as oil glut floods market

Barrels of oil demonstrating fluctuation in heating oil pricesThe latest energy index from gas company Firmus found the cost of wholesale fuel had fallen by 4 per cent.

As the cost of 900 litres of home heating oil fell to below £300 in Northern Ireland, energy company Firmus has said global events could see the cost drop yet further, which spells good news for heating oil users in the UK.

Firmus said a glut of oil has seen supply exceeding demand by three million barrels a day.

Oil prices had been recovering recently amid good news about the US economy but the economic crisis in Greece helped reverse the trend.

The weakness in the global oil market has moved the Firmus Energy Index to a six-year low.

Paul Stanfield of firmus energy said: “Looking towards the future, if Iran ramps up oil exports next year following its nuclear deal with the west, the new production may well swamp an improving market for oil. The International Energy Agency has already advised that the cost of oil may fall further amid a ‘massively oversupplied’ market.”

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Source: Irish News