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Dealers continue to expect cheap heating oil

HOwners with oil heating are currently benefiting from low energy prices. A liter of low-sulfur heating oil currently costs around 43 cents in Hesse with a purchase of 3000 liters on account. This means that the price has fallen by more than a third in the past ten months and is at its lowest level in ten years. Homeowners who still have to prepare for the winter can take a relaxed approach to reordering. The energy association Südwest-Mitte, which also represents the fuel traders in Hesse, does not expect any noticeable price increases for the time being, as it reports.

The low heating oil prices reflect the economic slump as a result of the Corona crisis. There is less demand for oil worldwide. In March and April demand collapsed by half, prices plummeted and, despite the reduction in production, no longer rose significantly. Partly because the Americans are taking countermeasures with fracking oil.

Many consumers have already taken advantage of the favorable price situation. Local heating oil dealers were very busy in the second quarter. Compared to the previous year, a quarter more heating oil was ordered between January and June. According to the VEH, households had to wait up to twelve weeks for their order in June. In the meantime, the delivery times have normalized again, says association president Hans-Jürgen Funke.

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