Winter has not yet officially begun, but it feels chilly in many regions across the country. Some areas are already experiencing snowfall this early, leading to a massive revision in expectations for the coming season.
Many thought that that the winter season would be a mild one, but it seems that this winter will be worse than previously predicted. Furnaces will have their work cut out for them. Households that use heating oil will probably want to check their tanks and fill these up as soon as possible. As for possible fuel expenses, let us look at the current state of the markets.
Heating Oil Delivery Pemberton NJ: What To Expect For Your Heating Oil Prices This Winter
Knowing what to expect when it comes to the winter weather will help you plan for your heating oil costs. In this article, we will take a look at what is expected for the 2018-2019 season.
The Results Of Reduced Crude Oil Prices
Since this winter looks like it will be colder than last year, households are likely to consume more fuel for heating across the board.
This claim is valid for both heating oil and natural gas, the two most commonly used fuels for household heating. This rise in demand will put pressure on the prices to go up during the season. However, it should be emphasized that this is not the only factor at play in predicting market movements. We must also look at the production levels and other sectors which might influence overall demand.
The growth in oil consumption has been weaker than expected this year because of sluggish economic growth in the Middle East, Europe, and Latin America. There is also the continued push towards greener technologies. All of these combine for a softer demand on the commodity.
Production is also on the upswing as companies become more efficient at getting and refining oil. OPEC has been regulating output in response to these market forces. The wealth of supply and the less than enthusiastic demand has led to a series of price decreases in the latter half of this year.
Forecast And Risks In The Heating Oil Market
It is unclear when regional economic growth will get better again in Latin America, Europe, and the Middle East. Financial analysts are not optimistic over the short-term so demand is unlikely to pick up on the whole. When looking at the supply, the global output keeps rising at a rate of 2 million barrels a day. Much of these come from the US which is poised to overtake Russia as the top oil producer in a few years. Geopolitical unrest in other oil-producing countries will still have a knock-on effect on local prices, but this will not be as much as before.
What It Means for Fuel Oil Consumers
For the average consumer, this means that they can continue to depend on heating oil for their furnace needs.
They should not worry about supply shortage as there are plenty of stocks across the country. While prices could increase due to the cold weather, the change should not have too much of an effect on the household budget. It is not the time to be switching fuels since natural gas has its share of problems mainly stemming from a record low supply and inability to keep up with demand.
How To Reduce Your Home Heating Oil Costs
If a household wishes to reduce heating expenses, then the best way to do so is to get their tanks filled up as early as possible. Prices will keep rising as the weather gets colder and should peak in a few months. Those who will have their oil delivered in advance can still enjoy moderate costs. Deliveries are also easier to make while the weather is not as harsh yet.
Additionally, it might be prudent to call for a maintenance checkup for improved furnace efficiency. A tune-up will avoid costly repairs down the road as well. It’s a small investment that can pay big dividends.
When you’re searching for a reputable heating oil delivery company, you can contact PFO Heating & Air Conditioning.
We offer the best home heating oil delivery and the most reasonable heating oil prices in the area. Our team of expert technicians also provide HVAC services to help improve the performance and efficiency of your heating equipment.
Call PFO Heating & Air Conditioning today and learn more about the services we offer. We will be happy to answer all your questions and concerns.
Some of the areas that we service include Birmingham, Juliustown, New Lisbon, Pemberton and these zip codes 08011, 08042, 08064, 08068 as well as all surrounding areas in Burlington County, New Jersey.