International market
While numerous easing measures have already taken effect in Great Britain or here in Germany, things are looking pretty dark outside Europe. The WHO (World Health Organization) is currently reporting a record increase in new corona infections worldwide. Over 60 percent of them come from North and South America alone. Even if things are much calmer in Germany, Corona is far from over despite the easing. The development of these figures makes it clear that the global situation is worsening significantly again. Concerns about a second wave of corona infections are growing more difficult every day on the oil market.
Oil prices had already plummeted in March and April due to the Corona crisis. Oil prices have been recovering since the beginning of May and have now reached an acceptable level for producers. Renewed restrictions or even lockdowns would again massively damage the already ailing global economy and increase the imbalance between supply and demand.
On the supply side, OPEC and its cooperation partners are fighting exactly this imbalance. For weeks now, all fellow campaigners have been extremely consistent with the mutually agreed production cuts. A recovery, as seen in the oil market in recent weeks, would not have occurred without the volumes reduced by OPEC +. It remains to be seen how the number of new infections worldwide will develop and which measures may need to be taken. Oil prices will remain extremely fragile and sensitive in the near future. The concerns of the market participants about a second wave of infection put a lot of strain on them.
This morning, prices on the oil exchanges start at a lower level than Friday. The barrel of WTI (West Texas Intermediate) currently costs $ 37.73 . The North Sea variety Brent stands at $ 40.18 the barrel. A ton of gas oil becomes $ 337.75 traded. The US dollar is for 0.8889 euros this morning to have. So the euro costs $ 1.1247 . The arrows indicate the change in prices compared to the start of trading on the previous day.
National market
The heating oil prices are moving downwards across Germany this morning and are thus following international guidelines. In our 3-month view of the current heating oil price trend, this downward trend can be seen very well. With an order of 3000 liters of heating oil you save more than 700 euros compared to last year. But despite the joy of this saving, you must not lose sight of the currently very long delivery times. If you urgently need heating oil, you should compare the heating oil prices for express deliveries or deliveries with the delivery date.
Basically, interest in heating oil is only average at the moment. Nevertheless, our customers’ buying interest this morning is at the second highest level. You can find this information in our swarm O-Meter for heating oil. It puts the requests for heating oil in relation to the actually placed orders. The proportion of our readership that hopes for lower prices has changed little and stands at a strong 85 percent this morning.
The trend channels of our heating oil price trend continue to point downwards in all views. For our customers, these are good prospects both in the short and long term.
Our advice to all undecided reads: If your tank requires a filling, buy now. However, if you have enough heating oil in your tank and love the speculative kick, you risk betting on better prices. The prospects for even cheaper prices are good.
Good to know: There are always misunderstandings about what the German government’s climate package means for oil heating. Existing oil heaters can continue to run without restrictions. From 2026, only new oil heating systems (even if they replace old systems) are to be supplemented regeneratively, for example with solar heat for service water. But there are also many exceptions, for example if there is no gas or district heating connection or if the costs are too high. Further information
In order to make the best possible savings when buying heating oil, you should know exactly how much space is in your tank. Our e-dipstick will help you. With it you can plan your next heating oil purchase even better.
Incidentally, we believe that we have to develop all consumption-reducing measures and behaviors in order to be sustainable.
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