Why you should stock up on heating oil now

Symbolic picture: Homeowners should consider filling up their heating oil tanks now
Image: dpa

The news about a corona vaccine creates a good mood in the financial markets. The result: the price of oil rises. Nevertheless, homeowners should buy heating oil now.

Kum it gets cold, the oil gets more expensive. Not least the good mood on the financial markets due to the news about the corona vaccine has caused the price of crude oil on the world markets to rise in recent days – and with it the price of heating oil in Germany. The price of Brent crude oil has risen since the end of October from $ 37 to almost $ 45 per barrel (159 liter barrel). Heating oil has risen in price from 37 to just under 42 euros per 100 liters in the same period.

Compared to the previous months, this is a significant price increase. Compared to other years, heating oil is still sensationally cheap. Compared to November last year, for example, it is almost 36 percent cheaper, as the oil service provider Tecson calculates. Prices in September and October are said to have been ten-year lows for this time of year. The German Tenants’ Association estimates in its heating index, which is compiled together with the consulting company Co2online, that heating costs for households that heat with oil will be an average of 18 percent lower this year than last year – thanks to the cheap oil.


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