The price of heating oil is currently fluctuating strongly. Owners of oil heating systems are wondering whether they should buy now or wait. What do experts say?
In general, the summer months are considered a good time to buy heating oil. However, given current developments on the world market, there are other factors that owners of oil heating systems need to consider when buying heating oil. The current situation in Gaza influences prices, as do seasonal effects and economic forecasts. How much does heating oil currently cost? And do experts recommend buying or being patient?
Heating oil currently costs an average of around 103 euros per 100 liters including VAT for a purchase of 3,000 liters (as of July 8, 2024; 4:00 p.m.). Prices have fallen again in recent days. On July 3, the same amount was still priced at 105.1 euros.
In particular, the hope for a ceasefire in the Gaza conflict is encouraging the slight downward trend in oil prices. However, experts warn that this decline may be of a short-term nature, as geopolitical uncertainties continue to exist. In addition to the situation in Gaza, Hurricane Beryl on the Gulf Coast and the forest fires in Canada are also affecting the price of heating oil. Meteorologists are also warning of a long, active hurricane season. An increase is therefore quite possible.
If you want to secure a low price, you can buy heating oil now. However, only order a medium quantity to protect yourself if prices rise again. If the price of heating oil continues to fall, you can then order another delivery to completely fill your heating oil tank.
Since the interest in buying is currently very low, interested parties can hope for a quick delivery of heating oil.
Although experts are not currently giving a purchase recommendation, they are also not warning against ordering a certain quantity now.
Anyone who waits too long to buy heating oil may risk higher prices in the future. The geopolitical situation remains tense and oil prices could rise at any time. However, there is no reason to panic buy or place an order that is too large.
