Domestic Heating Oil Prices

There are are a number of oil purchasing co-operatives organised on a local, regional and national scale which are easy to find on-line. If you prefer to time your purchases yourself and negotiate your own deal here is some information that might help.

Latest England Average Price for Domestic Heating Oil

Date England Average Price Trend
22nd June 2018 50.87 (Boilerjuice) Falling very slowly


In Stockland the price per litre is normally lower than the England Average.

Price History

Prices in pence per litre for a delivery of 1000 litres (England average price from Boilerjuice)

Month Year Low Monthly High Price peaks
Sept 2016 33.63
Jan 2017 45.66
June 2017 35.23
Jul 2017 36.01
Aug 2017 37.7 39.41
Oct 2017 41.18 42.35
Nov 2017 42.55 47.33
Dec 2017 56.58 56.58
Jan 2018 53.80
Feb 2018 58.39
Mar 2018 60.53
Apr 2018 56.35
May 2018 53.62

Information available online to help negotiate a price today

1. This Fueltool link allows a search for current prices in the EX14 postcode area for the quantity of oil required
http://www.fueltool.co.uk/countysearch.cfm?county=Devon&country=England

2. The average price across England is available from Boilerjuice at https://www.boilerjuice.com/heating-oil-prices-england/

Prices for Devon & for Dorset were available from heatingoilcompare but this site has now closed.

Watching the trend in oil prices

Stock market prices and fluctuations in the exchange rate are very strong factors affecting the price of heating oil. In the past 2 years the GBP/USD exchange rate fell from highs of $1.53 in Sept 2015 and $1.49 in June 2016 to a low of $1.20 in Jan 2017. The live table below shows how many dollars one pound and one euro are worth now. Oil is traded in dollars so a higher rate is good news.

The trend in the price of heating oil tends to follow the crude oil price trend but there is often a time lag. The Crude Oil chart on the left below shows the price range over the last six months. The chart on the right gives live trading data for ULSD (Ultra low sulphur diesel) on which heating oil trading is now based.

Despite the hot summer weather prices remain stubbornly high so far

The good news is that since late May the underlying price trend is down, but the decline is shallow and no doubt inhibited by the high crude oil price compounded by a less than favourable exchange rate. A realistic target price may prove to be in the 40 to 50 pence range this year, but even that could prove to be optimistic (opinion).
Looking at this long term graph from the Office for National Statistics, the seasonal dip experienced in the distant past is difficult to identify because of the stronger long term price trends. However dips can be seen in successive years in April, March, February and May. With household stocks tending to be depleted after the cold snap, this year may see a late downtrend, delayed as householders top up their tanks. Only time will tell.

Crude Oil Price News - 23rd June 2018

VIENNA (Reuters) - "OPEC meets Russia and other allies on Saturday to clinch a new deal raising oil output, a day after agreeing a production hike within the group itself but confusing the market as to how much more oil it will pump.....The Organization of the Petroleum Exporting Countries announced its OPEC-only agreement on Friday, but gave no clear output targets. Russia and other non-OPEC oil producers will now meet OPEC in a bid to secure their participation in the pact.
Benchmark Brent oil LCOc1 rose by $2.5 or 3.4 percent on Friday to $75.55 a barrel."

https://uk.reuters.com/article/uk-oil-opec/opec-meets-russia-and-allies-...

OPEC Oil Price

Introduced on 16 June 2005, the OPEC Reference Basket (ORB) is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). The price below is a live feed from OPEC.

This price reached a new peak in May 2018 at over 70. Previous highs were 68.73 in April, 68.46 in January and a low at 60.52 in mid February.

Crude Oil Prices from Infomine

6 Month Crude Oil Prices - Crude Oil Price Chart

Heating Oil Futures Trading Chart