To view today’s heating oil prices in your area please visit our homepage and enter your zipcode to view updated fuel oil prices.

Oil prices get determined daily by market players who are individuals, companies and financial institutions.  Demand of the heating oil decides the prices therefore prices go up during cold weather seasons. But also artificial demand generated by investors and geo political reason affect the oil prices daily. Artificial demanders are also called bidders they are not like home owners who actually receive the product.

Would it be better for home owners if Heating Oil was not traded as commodity so artificial demanders would not drive the prices higher, yes, in reality investors whom are artificial demanders make their profit and cash it from the actual product buyers who are the homeowners.

You can check daily heating oil prices through Bloomberg news or MSNBC channels, however watching the price alone will not really help, you must also watch geopolitical news to determine the future prices or heating oil futures.

As they say if you cannot change something you can be one of them as well; if you have extra cash that you can invest during low priced summer times in heating oil , after selling when prices climb in winter the difference can go towards your actual home heating oil delivery – for instance if you buy oil stocks at $3.10 for 1000 gallons in the summer when it climbs to $4 in the winter you would make $900 which is your cash – you can then fill up your 275 gallon tank for free.

Buy your heating oil wisely and save

Also please read the information below which will guide you through making good decisions on home heating oil buying.

What drives oil prices?

As well as actual demand there may be numerous reasons driving the oil prices such as wars, pipe line problems, oil terminal problems and etc.

Why heating oil prices are lower in the summer time?

Heating oil prices are lower in the summer times due to lack of deliveries done by heating oil companies and less demand.

How are Heating oil prices affecting family budgets in the US?

Heating oil expense is the top expense for many US families especially with last ten years’ higher prices. Families always should research for ways to save energy, this may even include owning wood burners.

Historical heating oil prices in Long Island

2014: $3.92
2013: $4.00
2012: $3.80
2011: $3.78
2010: $3.60
2009: $3.14
2008: $2.79
2007: $3.96
2006: $2.68
2005: $2.80
2004: $2.50
2003: $1.80
2002: $1.81

Basic oil investing Chart 

Inflation_Adj_Oil_Prices_Chart

Oil market activity

Oil market activity depends on hundreds of real time activities around the world – from wars to pipe line closures.  As home heating oil buyers, home owners should keep current with the news that would affect oil market behavior and decide to buy heating oil or not depending on the results of world news.

Geopolitical tensions

As we all know geopolitical tensions such as Conflicts with Iraq, Afghanistan, Syria, Africa, etc. are one of the main reasons which have been driving oil prices to double within the last 10 years.

Do we have enough Heating Oil left?

For many years our market leaders and industry experts have been saying that we may be running out of oil. This was also said in 1914 by the bureau of mines – it was said that oil would last us for another 13 years which meant to be out of oil by 1927. This was wrong. Also shell’s scientist Marion King Hubbert   said in 1956 that oil production will decrease in future years. This was wrong also.

According to many researchers including U.S Energy information Administration we do have enough oil for the next 25 years to meet the actual demand.  And with the reserved oil the demand can be supplied for the next 50 years.

 

Who is the richest oil man?

Oil investing has made numerous people filthy rich – read the list below for top 5 oil rich man

1-      Charles & David Koch – Two brothers jointly own $68 billion dollars of oil wealth

2-      Mukesh Ambani – Who also owns the world’s largest refinery has oil wealth of $21.5 billion

3-      Viktor Vekselberg – Russian Mogul baron owns $17.2 billion.

4-      Mikhail Friadman – Another oil baron from Russia owns $16.5 billion

5-      Vagit Alekperov  – CEO of Lukoil owns $14.8 billion