Update: Oil Prices Hit a 10-month High

Date Published: 18/11/2024

Update: Oil Prices Hit a 10-month High

A recent update published by the BBC warns that, following recent production cuts fuelled by Russia and Saudi Arabia, we could see a significant oil supply shortfall by the end of the year. Earlier this week, Brent Crude, a benchmark for oil prices, reached a 10-month high.

How will this impact the price of heating oil?

As heating oil is a direct product of crude oil, a rise in the price of crude oil is likely to also cause the price of heating oil to increase.

Given the current unpredictability of the heating oil market and the expected increase in demand as temperatures drop further heading into winter, now might be a good time to consider topping up.

We recommend checking your tank's levels, and if you have sufficient room, placing an order ahead of the peak season. Ordering now will likely help you avoid long wait times, and you can have peace of mind that you are already prepared when it's time to switch the heating on.

To view our recent prices, you can get a quick quote.

How do I check my oil levels?

If you're unsure of how much oil you have left in your tank, our convenient Smart NRG monitor can check your levels on your behalf.

The Smart NRG monitor is installed on your tank by a specialised engineer and continuously tracks your oil consumption. It will alert you of low levels via a handy app at your fingertips. For just £6.99 per month, you can avoid the hassle of manually checking your tank or the risk of running out.

Find out more and apply here.