D.he price drop in crude oil has apparently also reached Germany’s gas stations. “Since Sunday the prices for Super E10 and diesel have been falling in the national average,” said Steffen Bock, managing director of the Internet comparison portal Clever Tanken. Samples showed that this trend continued on Wednesday, said Bock.
According to surveys by the ADAC car club, the national average price for diesel fell by 1.4 cents to 1.058 euros per liter over the course of the week, while the price for Super E10 fell by 0.9 cents to 1.245 euros. The drop in the price of crude oil was cited as the most important reason. On a weekly basis, the price of the North Sea variety Brent fell from 46 to around 40 dollars per barrel (159 liter barrel).
As reported, the oil price collapsed on Tuesday, the main reasons given on the oil market were concerns about global oil demand. The world economy does not seem to be recovering as quickly as had been assumed. There was some countermovement on Wednesday. In the early days of trading, the oil price of the North Sea Brent fell even further to at times 39.37 dollars per barrel (159 liter barrel). In the course of the day, however, it turned and in the evening was around 2 percent up at $ 40.70.
How does the heating oil price react?
According to the Internet portal Heizoel24, the price for heating oil rose slightly on Wednesday, but had previously fallen sharply on Tuesday with crude oil prices. According to the portal, for 100 liters you pay 37.55 euros for a national average of 3000 liters. Heating oil prices had not been at this level in September for 17 years.
The fintech Seasonax, fund company and analysis house for seasonal developments, mentions in a report that it might astonish observers that oil will become cheaper with the onset of autumn and the upcoming heating season. However, the heating season in the northern hemisphere is often faced with other, contrary developments.
An example is fuel consumption in the United States, which is particularly high in the summer. In any case, Seasonax comes to the conclusion in a comparison of the oil price development over the past 20 years that it was even often the case that crude oil becomes cheaper in the local heating season. In the period from September 7th to December 20th, the price of crude oil falls frequently: “The average price loss of crude oil in this phase has been 11.52 percent over the past 20 years, with the price falling in eleven out of 20 cases during it increased in nine cases – but significantly less than the losses in the other cases. “
For the heating oil price in Germany there is also the observation that it is not lowest in midsummer, as you might think, but often at the end of December or in January, when many homeowners have already filled their oil tank and have not yet reordered.