Home Heating Oil Quotes For the Week Ending March 19, 2012

The national average price for home heating oil increased by less than a penny per gallon this week to $4.11 a gallon. This is an increase of 23 cents a gallon from the price at this time last March. Heating oil prices at the wholesale level rose 2 cents a gallon to $3.39. That price is 24 cents a gallon higher than last March.

Current Home Heating Fuel Oil Prices For The Week Ending March 5, 2012

As the heating season draws to a close, heating oil prices for home use declined by less than a penny this week to average $4.10. This is a price increase of 23 cents a gallon from this time last year. Wholesale prices dipped 7 cents a gallon to finish at $3.32 a gallon, which is 11 cents higher than last year.

Heating Oil Prices Are Higher For The Week Ending February 27, 2012

The average residential price for heating oil in the United States this week is $4.11 per gallon, an increase of 6 cents from last week’s prices. This is a price hike of 35 cents per gallon from last years price. Wholesale prices jumped even higher this week. Prices rose 12 cents a gallon to end at $3.39 per gallon, 34 cents higher than last February 27ths price.

Heating Oil Pricing for the week ending February 23, 2012

Average heating oil prices for the United States rose a little more than one penny this week to finish at $4.04 per gallon. This is over 43 cents a gallon higher than last February 20, 2012. The wholesale price also increased about a penny to $3.26 a gallon, 42 cents higher than last year.

Heating oil costs for the week ending February 13, 2012

The average price for residential heating oil continues to rise this winter. This week the price of heating oil rose another 6 cents a gallon to $4.03. This is an outstanding 45 cents higher than last years price at this time. The wholesale price of oil also rose this week. It is now 5 cents a gallon higher to $3.26. This is 43 cents higher per gallon than last year.

Local Oil Prices for the week ending February 6, 2012

Home oil prices rose again this week to finish at a national average price of $3.97 for residential heating oil. This is an increase of 2 cents per gallon from last weeks price. This makes home heating oil prices about 40 cents a gallon higher than this time last winter. Wholesale home oil also increased this week by about 5 cents a gallon. This raises the price of wholesale oil to $3.21, 40 cents higher than last years price.

Heating oil for the home prices for the week ending January 30, 2012

Heating oil prices experienced a small increase of 1 cent a gallon this week to settle at $3.95 a gallon. This is 43 cents higher than this time last heating season. Wholesale heating prices rose 8 cents this week to finish at $3.16 per gallon, which is 36 cents higher than last year.

Home Fuel Prices For The Week Ending January 23, 2012

The heating oil price for residential users dropped 1 cent this week to finish at $3.94 a gallon. While this was a small drop, it is still 46 cents a gallon higher than the price of home oil last January. Heating oil prices at the wholesale level decreased 4 cents a gallon to finish at $3.08 a gallon, which is 33 cents a gallon higher than this time last winter.

Heating Oil Pricing For The Week Ending January 18, 2012

Home heating oil buyers will feel a bit of a pinch this week. Home heating oil prices rose 2 cents per gallon to rise to a national average of $3.95 per gallon. However wholesale oil prices dropped 4 cents a gallon. This now makes residential oil prices 50 cents higher and wholesale prices 38 cents per gallon higher than last year.

Home oil prices for the week ending January 11, 2012

Residential fuel oil prices rose by 9 cents a gallon this week to rise to $3.93 per gallon. That is the largest weekly price increase so far this heating season. To make matters worse, this is 57 cents higher than last years price at this time. Wholesale oil prices also rose this week. They increased by 16 cents a gallon to finish at $3.16 a gallon, 55 cents higher than last January 11th.

Current home heating oil prices for the week ending January 5, 2012

The price of heating oil for residential use climbed just over a penny to $3.84 per gallon this week. While it was a small price increase, it is still 51 cents higher than this time last year. Wholesale heating oil prices now stand at an even $3.00 a gallon, 3 cents higher than last week and 35 cents a gallon higher than last year.

Oil Heating prices for the week ending December 26, 2011

Oil prices for residential use increased a penny this week to reach $3.83 per gallon. Compared to last year at this time, the price was $3.31 per gallon during the week of December 25, 2010. Wholesale oil prices climbed even higher. They increased 9 cents a gallon to $2.97 per gallon, which is 33 cents a gallon higher than last year.

Home heating oil price trends for the week ending December 12, 2011

Home heating oil users received an early Christmas present this week. According to the EIA, residential heating oil prices were lower this week by about 3 cents a gallon to $3.87 a gallon. While this is lower than last week’s average price, it is 62 cents higher than last years price at this time. Wholesale prices dropped 10 cents this week to end at $2.98 a gallon.

Little Change in U.S. Residential Heating oil for the week ending December 5, 2011

This weeks prices for heating oil were flat to mixed to remain at $3.89 per gallon. This is 69 cents higher than this week last year. Heating oil dropped about 6 cents per gallon in the Midwest while the rest of the country remained unchanged. Wholesale heating oil prices are now 53 cents a gallon more than last year. This week’s wholesale price average is $3.08 per gallon, up 1 cent from last week.

Home heating oil prices drop the week ending November 28, 2011

This weeks average residential price for home heating oil dropped 4 cents this week to settle at just under $3.90 a gallon. While the price drop is welcomed, it is still 78 cents a gallon higher than last winter at this time. Wholesale heating oil prices also dropped this week. They were 6 cents lower than last week, but still 65 cents higher than last years price.

This week’s national heating oil prices for the week ending November 21, 2011

After 5 straight weeks of higher prices, the price of residential heating oil dropped for the week ending November 21, 2011. The average price fell by about a penny to $3.94 a gallon. However, this is still 83 cents a gallon higher than last year at this time.

Wholesale heating oil prices decreased by 17 cents per gallon, finishing at $3.13 per gallon. This is 77 higher than this time last year.

Shop for the best heating oil prices for the week ending November 14, 2011

Heating fuel oil rose quite a bit this week. It went up 7 cents a gallon to $3.94 a gallon. Wholesale oil prices went up over 9 cent a gallon to $3.29 a gallon. This is an increase of 82 cents a gallon and 84 cents a gallon respectively from last years prices at this time.

The cost of heating oil for the home for the week ending November 7, 2011

Heating oil prices rose to an average price per gallon of $3.88 a gallon. This is 3 cents higher than last weeks reported price. This is also 80 cents a gallon higher than at this time last year. Wholesale oil prices rose even more. They rose 5 cents a gallon this week to $3.20 a gallon. This is 75 cents higher per gallon than last winter.

Heating Oil Prices for the week ending October 31, 2011

Once again, residential heating oil prices are increasing. This week they increased 5 cents a gallon to rise to $3.85 per gallon. This represents an increase of 86 cents a gallon from this time last year. Wholesale oil prices also rose this week. They increased 5 cents a gallon to $3.16. This is 84 cents higher than last year at this time.

Price of heating oil for the week ending October 24, 2011

Heating oil prices increased slightly this week. They rose only 3 cents per gallon this week to $3.80 per gallon. This is 81 cents higher than last year at this time. Wholesale oil prices also increased this week. They are now 2 cents higher to $3.11 a gallon.

Residential heating oil prices for the week ending October 17, 2011

Once again heating oil prices rose this week. The average price for heating oil was up 9 cents a gallon this week to $3.77 a gallon. Compared to last years price at this time, oil is up 80 cents a gallon. Wholesale prices were also higher. They rose 17 cents a gallon last week. This is 83 cents higher than last year.

Home heating oil prices for the week ending October 10, 2011

Good news, heating oil prices actually dropped 1 cent per gallon this week. The national average now stands at $3.69 per gallon. However this is a huge increase of 73 cents a gallon from this time last year. On th wholesale heating oil front, prices rose by 10 cents a gallon to $2.97 per gallon. This is 61 cents higher than this time last year.

Heating oil prices for the week ending October 3, 2011

This week begins the reporting of wholesale and retail prices of home heating by the EIA. Each week from October to March, we will report the average price of heating oil nationally and state by state. Residential heating oil prices start the season averaging $3.69 a gallon. This is about 78 cents higher than this week one year ago.

Home heating oil prices for the week ending March 14, 2011

Heating oil prices for residential use rose a half-cent this week. Heating oil prices now stand at $3.88 a gallon. This is 95 cents higher than this time last year. This is also 97 cents higher than the price of heating oil at the start of the 2010/2011 heating oil season. The price of heating stood at $2.91 a gallon at the beginning of the heating season back in October of 2010. Wholesale heating oil prices went down by about 6 cents a gallon this week. Wholesale prices are now $3.15 a gallon, which is 97 cents higher than last year.

How do you find the cheapest home heating oil?

Everyone wants to save money. That is an obvious statement. But you would be surprised at how people continue to throw away money on their heating oil bills. Heating costs have been going up over the last few years, what have you done to lower your energy bills?

You would be surprised how many consumers don’t bother to compare home heating oil prices. They just grab the first name out of the phonebook or just stick with their supplier without every really seeing if they are getting the best heating oil prices.

If you are happy with your dealer, that’s great. But you still should check and compare them with other heating oil companies. You may be able to find a lower price.

Now when you do call around and compare prices, just don’t take the lowest quoted price per gallon. Some oil companies will quote a low per gallon price, but will then add on miscellaneous fees for an oil delivery that’s raises the price quite a bit. Always ask if there are additional fees like a delivery charge or a fuel surcharge for the delivery. An ethical oil dealer will be upfront with you with all of their charges.

Be sure to check out the oil supplier with your local Better Business Bureau. They can tell you if there are any complaints about the dealer. This will give you an idea of what type of operation they run.

Residential heating oil prices for the week ending March 7, 2011

The average price for home heating oil continues to rise this week. The national average price for heating oil now stands at $3.87 a gallon, an increase of 12 cents a gallon from last week. This is 95 cents higher since this time last year. Wholesale heating oil prices rose about 16 cents per gallon last week to $3.41 per gallon. This is about $1.02 higher than during the week of March 8, 2010

Residential home heating oil prices up sharply the week ending February 28, 2011

Heating oil prices for home delivery jumped 14 cents a gallon this week to bring the price of heating oil to $3.76 per gallon national average. This is 86 cents a gallon higher than what you were paying last winter. Wholesale oil prices were up 21 cents a gallon last week to $3.05. That is 93 cents higher than this time last year.

Home heating oil costs for the week ending February 21, 2011

The average home heating oil price increased 3 cents per gallon this week for a national average price of $3.62 per gallon. This is an increase of 72 cents per gallon from this time last year. The wholesale price per gallon of heating oil increased to $2.84 per gallon. This is a penny higher than the previous week. Heating oil wholesale prices are now 68 cents a gallon higher than last year.

Heating oil prices continue to go higher for the week ending February 14, 2011

Heating oil prices for residential use are up again this week. The national average now stands at $3.59 per gallon, an increase of 1 cent from last week. This is 73 cents more per gallon than at this time last winter. Wholesale heating oil prices also increased. They are up just under 2 cents a gallon to $2.83 a gallon now.

National heating oil prices for the week ending February 7, 2011

Residential heating oil prices this week continue their upward trajectory. Nationally the price of residential heating oil increased to $3.58 per gallon. This is an increase of 5 cents a gallon from last week and represents an increase of more than 73 cents a gallon more than last winter. Wholesale heating oil prices rose 1 cent a gallon to $2.81 per gallon, this is 84 cents higher than last year.

Heating Oil Prices for the week ending January 31, 2011

Heating oil prices continued to rise during the period ending January 31, 2011. The average residential heating oil price increased to $3.52 per gallon, about $0.05 per gallon over last week and $0.66 per gallon more than last year at this time. Wholesale heating oil prices increased by $0.06 per gallon last week, reaching a price shy of $2.81 per gallon. This is $0.80 per gallon higher than last year’s price.

Price of oil for the week ending January 24, 2011

Residential heating oil prices continued to rise during the period ending January 24, 2011. The average residential heating oil price increased to about $3.48 per gallon, $0.03 per gallon over last week and $0.58 per gallon more than last year at this time. Wholesale heating oil prices increased by $0.01 per gallon last week, reaching a price of $2.75 per gallon. This is $0.72 per gallon higher than last year’s price.

Compare Heating Oil Prices for the week ending January 17,2011

Residential heating oil prices continued to rise during the period ending January 17, 2011. The average residential heating oil price increased to about $3.45 per gallon, $0.09 per gallon over last week and $0.50 per gallon more than last year at this time. Wholesale heating oil prices increased by $0.13 per gallon last week, reaching a price of $2.74 per gallon. This is $0.60 per gallon higher than last year’s price.

Current oil prices for the week ending January 10, 2011

Heating oil prices continued to rise during the period ending January 10, 2011. The average residential heating oil price increased to about $3.36 per gallon, $0.02 per gallon over last week and $0.37 per gallon higher than the same time last year. Wholesale heating oil prices decreased by nearly $0.04 per gallon last week, reaching a price just shy of $2.61 per gallon. This is $0.32 per gallon higher than last year’s price.

Price of heating oil for the week ending January 3, 2011

Residential heating oil prices continued to rise during the period ending January 3, 2011. The average residential heating oil price increased by approximately $0.03 per gallon last week to reach $3.34 per gallon, an increase of $0.46 per gallon from the same time last year. Wholesale heating oil prices increased by nearly $0.01 per gallon last week, reaching a price just shy of $2.65 per gallon. This is $0.42 per gallon higher than last year’s price.

Oil Prices for the week ending December 20, 2010

Residential heating oil prices continued to rise during the period ending December 20, 2010. The average residential heating oil price increased by approximately $0.02 per gallon last week to reach $3.26 per gallon, an increase of nearly $0.51 per gallon from the same time last year. Wholesale heating oil prices increased by $0.02 per gallon last week, reaching a price just shy of $2.56 per gallon. This is $0.53 per gallon higher than last year’s price

Heating Oil Costs for the Week ending December 13, 2010

Residential heating oil prices increased during the period ending December 13, 2010. The average residential heating oil price increased by approximately $0.04 per gallon last week to reach $3.24 per gallon, an increase of nearly $0.50 per gallon from the same time last year. Wholesale heating oil prices decreased by less than $0.02 per gallon last week, reaching $2.53 per gallon. This is $0.56 per gallon higher than last year’s price.

Residential heating oil prices for the week ending December 6, 2010

Residential heating oil prices increased during the period ending December 6, 2010. The average residential heating oil price jumped by approximately $0.09 per gallon last week to reach $3.20 per gallon, an increase of $0.44 per gallon from the same time last year. Wholesale heating oil prices increased by nearly $0.14 per gallon last week, reaching a price just shy of $2.55 per gallon. This is $0.48 per gallon higher than last year’s price.

Home Heating oil prices for the week ending November 29, 2010

The U.S. average residential heating oil price showed virtually no increase from the previous week, holding at $3.11 per gallon. This is still an increase of approximately $0.37 per gallon from the same time last year. Wholesale heating oil prices increased by nearly $0.06 per gallon last week, reaching $2.41 per gallon. This is a $0.36 per gallon increase from last year’s price.

Heating Oil Prices for the week ending November 22, 2010

Residential heating oil prices decreased during the period ending November 22, 2010. The average residential heating oil price decreased by approximately $0.02 per gallon last week to reach $3.11 per gallon, an increase of $0.36 per gallon from the same time last year. Wholesale heating oil prices decreased by $0.09 per gallon last week, reaching a price just shy of $2.36 per gallon. This is a $0.31 per gallon increase from last year’s price.

Heating oil prices, which are paid for by consumers, may fluctuate over time by the area that a consumer lives in.  In fact, prices may fluctuate across the country and the world for multiple reasons.  Here are a couple reasons why they may fluctuate.

Demand of Heating Oil:

When prices for crude oil are stabilized, the prices for heating oil in the home may rise slightly in the wintertime because demand is highest.  There are times that costs may rise rapidly to really high levels.  A person who lives in the Northeast might consume 850 to 1,200 gallons of heating oil throughout the winter and use very little for the rest of the year.

Cost Fluctuations for Crude Oil:

Because oil is a large component of the prices of heating oil, the changes in the prices of crude oil can also change the price of heating oil.  International supply and demand also affects the prices of crude oil and the supply is affected in part by the OPEC and several other things.

Competition of Local Markets:

Competition in the free market could also be substantial between an area that only has a few suppliers versus a place with a large number of them.  Rural areas may have higher prices while those in urban areas may have lower prices.

Regional Operating Costs:

The costs are also determined by the higher costs of transporting the products to more remote locations.  In addition to this, the price of doing business through dealers may vary depending on the area where the dealer is stationed.  Wages and salaries, insurance, overhead, lease or rent, equipment, and benefits are also all factors of the cost of doing business.  There also state and local fees.

What Is The Cause of Surges In Heating Oil Prices?

The price of home heating oil may change during a short period of time because if the dealers and consumers have enough oil in storage and if the temperatures fail to drop rapidly, the price might be fairly steady (assuming the price of crude oil do not fluctuate a lot).  However, the quick change to more frigid weather will affect both supply and demand, thus allowing prices to shoot up higher.

This causes the available oil in storage to be used faster than it can be replaced.  The refineries cannot normally keep up with this huge rise in demand during the winter months, thus increasing the prices to provide it.

Up in the Northeast, additional supplies may be imported from long distances, like the Gulf Coast or even European countries.  This makes transportation more expensive and transportation may take up to two or three weeks.  During the time that the resupply from other markets is taking place, the heating oil supply here in America drops down even further and buyers’ anxiety rises in trying to find oil in the short term.  Thus, oil prices rise and sometimes they rise very sharply.

In addition to this, throughout the winter month’s prices of other heating fuels (such as kerosene, propane and other naturally occurring gases) may rise even more than the prices of heating oil.  In this case, some consumers may switch over from using these traditional heating fuels to the heating oil.  Thus, further raising the demand for heating oil.

source: NYMEX Inc

Heating oil futures were first traded on the New York Mercantile Exchange (NYMEX) in 1978. With the United States lifting price controls on heating oil in the mid 1970’s, producers and consumers needed a way to hedge their price risks. Heating oil futures provide a liquid market place where they can come together to trade.

New York Harbor Heating Oil

Since the delivery point for these futures is New York Harbor area, the first users where local wholesalers and consumers. As the contract became more popular, others around the world were using it to hedge not only heating oil prices, but also diesel fuel prices and jet fuel prices. Heating oil represents about 25% of the yield of a barrel of crude oil. Heating oil is also referred to as No. 2 oil.

New York Heating Oil Futures Contract Specifications

One heating oil contract is 42,000 gallons (1,000 barrels), with the minimum price fluctuations being $.0001 per gallon, or $4.20 per tick.

NYMEX heating oil futures can be traded three ways. One way is via open outcry or pit trading on the floor of the exchange. Pit trading hours are Monday through Friday from 9am to 2:30 pm Eastern Time.

Heating oil trading on CME Globex takes place Sunday through Friday from 6pm until 5:15pm Eastern Time with a 45 minute break beginning at 5:15pm.

Trading on CME Clearport occurs during the same hours as Globex trading.

There are also e-mini heating oil contracts. These contracts are financially settled and are half the contract size of the regular futures contract.

NYMEX Heating Oil Options

Heating oil options were introduced in June of 1987. This allowed more flexibility for producers and users to hedge their risks. Options trading hours are the same as the futures hours.

Home heating oil futures are also used to trade crack spreads with gasoline futures and or crude oil futures. This allows refiners to lock in the price differentials between refinery output and input prices. This lets them profit or protect against adverse changes in those values.

Links:

Heating Oil Prices

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