Heating Oil News

2016 Average Oil Prices for Long Island NY

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Oil prices in 2016 remained low and are not expected to increase significantly throughout the year and into 2017. Here are the average oil prices for Long Island from January 2016 through September 2016. These prices are based on 100 gallons COD (cash) oil delivery. […]

By |September 10th, 2016|Categories: Heating Oil News|

Current Oil Prices Trends and Forecast

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Since the end of February, prices of crude oil started to recover slightly, and for the first time in about two years rose just to the point where these had been in late Summer of 2015. This is still far below the average oil price of 2014.

Are […]

By |March 30th, 2016|Categories: Heating Oil News|

Low Oil Prices Are Great for Consumers… Aren’t They?

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This past Friday OPEC had its meeting in Vienna and the only thing the cartel could agree on is not to agree at all.

OPEC was unable to reach a decision on how much oil to produce, and the current production will remain as is, at about 31.5 […]

By |December 6th, 2015|Categories: Heating Oil News|

Oil Prices Gain Ahead of OPEC Meeting This Friday

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December 3, 2015 – Long Island, NY – Oil prices rallied today as a result of a weaker dollar and news reports indicating that Saudi Arabia, the oil cartel’s most influential member, was going to propose that OPEC cuts production by 1 million barrels a day next […]

By |December 3rd, 2015|Categories: Heating Oil News|

Oil Prices Slip on Strong Dollar, Weak China Data

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Long Island, NY – November 28, 2015 – Heating oil prices fell sharply on Friday, following a week of recovery. A stronger dollar and weak industrial data from China added pressure on oil and prices for heating oil were down by 3.59%, WTI Crude was down 3.09% and […]

By |November 28th, 2015|Categories: Heating Oil News|

This Week’s Oil Prices Update

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Long Island, NY – November 18, 2015 – Oil prices this week crushed and there’s no telling when they will recover. The world’s three leading oil agencies EIA, OPEC and IEA all predict a big drop in stockpiles next year but they warn […]

By |November 18th, 2015|Categories: Heating Oil News|

Oil Prices Slide on Oversupply Worries

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Oil prices fell down sharply today after EIA released its weekly inventory report, revealing that US commercial crude inventories increased by 4.2 million barrels last week to 487 million barrels. This is the seventh straight week of inventory increases. Analysts surveyed by The Wall Street Journal […]

By |November 12th, 2015|Categories: Heating Oil News|

Low oil prices may lead to global energy shortages, IEA warns

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Today the International Energy Agency (IEA) warned that although low oil prices might be good for consumers, in the long run it could spell a disaster for the energy market. The low prices are forcing many US shale producers to cut budgets in order to deal […]

By |November 10th, 2015|Categories: Heating Oil News|

What’s causing today’s oil price hike?

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Oil prices rose by 4% today, following news that oil supply coming from Libya and Brazil may decrease, at least temporarily. Libya’s oil production is expected to drop by about 70K barrels per day to less than 400,000 barrels a day after the Eastern export terminal of Zueitina […]

By |November 3rd, 2015|Categories: Heating Oil News|

Oil prices recover from 3-week lows at the end of this week

Oil prices edged higher on Thursday, following a 3-week decline. Prices fell Wednesday after U.S. inventory data showed crude supply rose by 8 million barrels, only to increase on Thursday. Light, sweet crude for December delivery settled up 18 cents, or 0.4%, to $45.38 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose […]

By |October 22nd, 2015|Categories: Heating Oil News|