Heating oil prices are currently rising alarmingly and are leaving consumers unsettled. How will the price develop further?
It's almost time to turn on the heating. Because at night temperatures of 4 to 5 degrees Celsius, it can get cool in your own four walls. But many owners of an oil heater turn the thermostat with concern. At least if you haven't filled up your oil tank yet. Because prices are currently rising dramatically. Should you buy in panic now? Or would you rather wait a little longer?
On October 1st, around 96.4 euros had to be paid for 100 liters of heating oil including VAT. Now, almost a week later, the price is 102.5 euros/100 liters (including VAT). A clear difference. Especially if you assume that the average oil consumption for a single-family home (100 square meters) is around 1,700 liters.
Oil prices are rising significantly again. On Monday, Brent crude oil exceeded the important mark of $80 per barrel. The main reasons for this are the tense situation in the Middle East and Hurricane Milton, which is threatening the Gulf of Mexico.
A small consolation: a year ago, 100 liters of heating oil cost 111.5 euros (including VAT, with a delivery quantity of 2,500 liters) – 8.1 percent more than today.
Experts agree that the phase of cheap heating oil is over for this year. Owners of oil heating systems who already ordered heating oil in September should be happy about their precaution and caution.
Although the oil supply is currently large – especially from China – and market analysts expect an oversupply on the oil market in 2025, the escalations between Israel, Hezbollah and Iran can contribute to the oil price continuing to skyrocket, explain the experts from ” Tecson”. In their opinion, “recent war developments in the Middle East could actually hit world oil supplies in the event of a 'conflagration'.”
In addition, OPEC+ can currently hardly support the price level. The reason for this is a persistent oversupply of oil and weak global demand.
It should also not be ignored that oil heater owners' interest in purchasing will increase. And the higher the demand, the higher the price can climb.
