When will be the best time to buy heating oil?
When will be the best time to buy heating oil?
Snow causes big problems in Norfolk
We may all dream of a white Christmas, but a litany of problems impacting postal deliveries, heating oil availability, travel and health, among others, has proved that the reality can be more of a nightmare. Our reporters looked at the problems currently affecting people in our region.
When will be the best time to buy heating oil?
My mom is on a pretty tight budget, so I’ve been watching the price of oil go down. Now that it’s down to $92 a barrel for October delivery, does it make sense to wait until October to buy her heating oil?
Thanks!
I think you’re asking when to lock in – I would go ahead. They already produced the inventory and its sitting in the tanks at the terminals – horses are out of the barn. Local prices may not come down even if NY Harbor prices do – because the local wholesaler is not going to want to be sitting on a lot of inventory if NY Harbor prices are falling. If we have a cold winter, spot prices will rise. A warm winter, spot prices will fall – but you won’t be using as much product so your overall bill will still be lower even though you’re paying a higher rate than the spot rate.
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June 16th, 2010 at 4:10 pm
I think you’re asking when to lock in – I would go ahead. They already produced the inventory and its sitting in the tanks at the terminals – horses are out of the barn. Local prices may not come down even if NY Harbor prices do – because the local wholesaler is not going to want to be sitting on a lot of inventory if NY Harbor prices are falling. If we have a cold winter, spot prices will rise. A warm winter, spot prices will fall – but you won’t be using as much product so your overall bill will still be lower even though you’re paying a higher rate than the spot rate.
June 16th, 2010 at 4:10 pm
Waiting for the price to go down is good, as long as you can guarantee delivery when you need it. Check with your regular oil company to plan the date and always have a backup company as well.