When is the best time to buy heating oil, then?
In reality, we can’t give you a specific date. The price of oil depends on too many external factors. However, to recap, you should ideally buy at a time where there is a period of low demand, so when there is a global oil production oversupply:
- The climate is warm (summer) or experiencing unseasonable warmth
- The oil futures sentiment is that prices will decline (but be quick before trading activity bumps the prices up)
- Another good time to buy, of course, is when you’re about to run out, though hopefully it won’t come to that!
There are many factors which affect oil prices and consequently have an effect on when you should think about buying oil. However, if you can bear the above in mind, together with the points for reducing your heating oil costs, you should be able to significantly benefit from some serious savings. What’s more, you’ll have enough oil to keep your home toasty when you need it.
Source: Heating Oil.co.uk