Although winter hasn’t officially begun, many places around the country are already feeling the winter chill. Many areas have already had their first snowfall, which is very telling about the type of winter we can expect this year.
Those who thought that we were going to have a mild winter have recently changed their opinion based on how cold and severe the fall has been. This year, your furnace will need to work quite hard to keep your home warm.
If you use oil to heat your home, you may want to check the health of your tank and fill it up as soon as possible. If you want to know what it will cost to fill your tank, you should know a bit about the current state of the market.
Heating Oil Prices Georgetown MA: What To Expect During The 2018-2019 Winter
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When you know what to expect weatherwise this winter, you will have a good idea of what it will cost to heat your home. Below is an idea of what you can expect for the 2018-2019 heating season.
The Results of Low Crude Oil Prices
Since this winter may be colder than last year, households around the U.S. are going to consume more fuel to keep their homes warm. This claim is valid for both heating oil and natural gas, the two most common fuels for heating. As the demand rises, it will put pressure on the prices this winter. You should understand that demand is not the only factor when it comes to predicting the cost. You also need to look at the production levels and other factors that could influence demand.
Due to the sluggish economic growth in the Middle East, Latin America, and Europe, the growth in oil consumption is weaker. You also need to consider the push toward greener technologies. These aspects can reduce the demand for oil this year.
Oil production has increased since more companies are learning to be more efficient when it comes to refining oil. OPEC has been regulating their output in response to the changing market forces. Thanks to the high supply and reduced demand in the last half of the year, the prices have decreased.
Forecast & Risks In The Heating Oil Market
There is no way of knowing whether Latin America’s regional economy will get better. The same is true with the Middle East and Europe. Many financial analysts are not optimistic about the short-term demand; therefore, it is unlikely that the demand will pick up.
When looking at the big picture, the global output of oil seems to be increasing by 2 million barrels a day. The United States is expected to overtake Russia as the top oil producer within the next few years. Geopolitical unrest in other areas of the country will also affect oil prices.
What Does This Mean For Fuel Oil Consumers?
As a homeowner, you can expect to keep getting oil when you need it to heat your home. You shouldn’t worry about an oil shortage because there are plenty of stocks around the country. Sure, as temperatures drop, oil prices can increase. However, the change shouldn’t have too much of an impact on your household budget. Homeowners who are considering a switch to natural gas should reconsider as natural gas prices are expected to skyrocket. Natural gas will likely have its own issues stemming from low supply and the inability to keep up with the demand.
How To Reduce Your Home Heating Oil Expenses
One great way to reduce your oil costs is to have your tank filled up as early in the season as possible. As the weather continues to get colder, the prices will continue to increase. If you have your oil delivered early, you can enjoy low heating oil costs. Deliveries are also easier to make before the weather starts to get harsh.
You should also make sure that you have your heating system tuned up and maintained. Doing so will improve the system’s efficiency, and you will use less oil. A tune-up will also avoid costly repairs this winter. Considering what you get from a tune-up, it is a minimal investment for the return.
If you are looking for a reputable heating oil delivery company in your area, you should give Townsend Energy a call. We take pride in offering the best home heating oil deliveries at the lowest prices around.
We can also send on of our highly skilled techs to your home to maintain your heating system to guarantee maximum performance and efficiency.
To learn more about the services that we offer and the cost of our oil, give Townsend Energy a call today. Our professional and friendly customer services reps will be happy to answer all of your questions.
Some of the areas that we service include Boxford, Byfield, Georgetown, Groveland, Rowley, and these zip codes 01921, 01922, 01833, 01834, 01969 as well as all surrounding areas in Essex County, Massachusetts.