Thermometer

Lower Heating Oil Prices This Winter

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Good news for all of us that heat our homes with oil. Heating oil prices will be lower this winter says the Energy Information Administration. EIA expects residential heating oil prices to average 5% lower this winter than last. That translates into a savings of better than $100 for the typical home in the Northeast where the majority of heating oil is consumed.   

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Shadow Oil Rig

Lower Heating Oil and Gasoline Prices In Store for the US?

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The United States will become the world's top producer of petroleum and natural gas hydrocarbons in 2013, surpassing Russia and Saudi Arabia. This increased domestic supply of oil should place downward pressure on oil prices, which may bode well for lower prices of heating oil, gasoline and diesel fuel. Read More »
Silver Oil Tanks

Heating Oil Price Outlook

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Heating oil prices are expected to be moderately higher this winter according to the Energy Information Administration. EIA expects prices to increase about 2% this year compared to last. EIA reported their projections in their Short-Term Energy Outlook published in September. Heating oil is the primary heat sources in almost 1/3 homes in the northeast U.S. Watch the Smart Click Energy blog for more useful information on heating oil prices, pricing trends and useful information to help you manage your home energy needs.  


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Silver Oil Tanks

Gasoline and Heating Oil Prices Continue to Drop.

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Consumers are finally getting some relief from high gas and heating oil prices. Gasoline prices have fallen by nearly 30 cents since peaking last month at a national average of $3.98 per gallon. Nationwide, the average price decreased to $3.685 from $3.689 on Wednesday.

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Silver Oil Tanks

Gasoline Prices Heading Down On Lower Oil Prices And Strong Inventories

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Just ahead of the Memorial Day weekend, gasoline prices are continuing to retreat following recent oil price declines, weaker demand and higher than expected inventories. The national average price for gasoline is now approaching $3.80 per gallon, almost 20 cents less than the recent high which was close to $4.00 a gallon. Read More »
Gas Prices

Oil Prices Still Too High Says IEA

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Although oil prices have dropped about 14% in the last month, and gasoline and heating oil prices are following, The International Energy Administration said yesterday that oil prices are still too high. Amid growing concerns that the overall run-up in oil prices since last September is affecting recovering world economies, IEA indicated that there is an “urgent need” for additional oil production to prevent further price increases in oil and fuel prices. In overnight trading, crude oil prices rose to over $99 a barrel compared to $68 a year ago. Read More »
Silver Oil Tanks

Heating Oil Prices Fall to Lowest Level in 3 Months

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Heating oil price futures fell further this week, following crude oil which continues to decline on world markets. NYMEX heating oil futures are now 39 cents per gallon less than they were at the recent peak last month, with retail prices following suit. Although the Energy Information Administration (EIA) stops monitoring heating oil prices at the end of the heating season at the end of March, a check of prices shows that homeowners price for heating oil should settle in the $3.59 to $3.68 range, which is 40 to 50 cents a gallon less than we saw posted prices just a month ago.

Savvy on-line shoppers for heating oil can save considerably more on their heating oil purchases. Current prices on www.SmartClickEnergy.com, a leading online marketer of heating oil to residential and commercial customers, has posted prices in the $3.399 range, a savings of 20 to 30 cents per gallon, or $40 to $50 savings on a typical delivery.

Drivers are also starting to see some relief in gasoline prices with the national average dropping to $3.955 nationally, about 3 cents less than last week. According to AP, motorists can continue to expect gasoline prices to fall as we approach Memorial Day, possibly as much as 25 cents a gallon.

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Oil Rig Sunset

A Week after Oil Prices Plunged, What's Next?

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Consumers were optimistic mid last week when crude oil prices plunged by 15% with hopes that retail gasoline and heating oil prices would soon follow. A week later, where are oil prices headed? While oil prices did rebound a bit earlier this week, most NYMEX prices remain lower …crude oil -10%; Gasoline -6%; Heating Oil -6%. While national retail gasoline prices have only dropped marginally in the last week, if wholesale prices continue at about the same level, lower retail gasoline prices can be expected as we move toward Memorial Day. Heating oil prices are starting to see some reductions. While most homeowners do not use much heating oil during the summer, their heating oil dealers are currently setting their budget and pre-buy program for next heating season, and these lower prices came at an advantageous time for homeowners. Read More »
Silver Oil Tanks

Oil Prices Are Pushed Higher

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As we mentioned yesterday, it looked like oil prices were positioned to move higher following last week’s 15% drop in oil prices. Sure enough, crude oil prices did increase over $5.00 a barrel yesterday. Interestingly, the increase was not driven by any changes in supply, demand or geo-politics, but rather by investors who poured money back into oil as they sensed a bargain following last week’s decline in price.

“Nothing fundamental happened between Friday and Monday”, said Stephen Schork, publisher of The Schork Report. “This shows the power of speculators in the market”.

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Pen w Chart

Oil Prices May Have Hit Bottom. Heating Oil Prices Softening.

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Commodities prices overall, and oil prices in particular, have recovered some of the losses from last week’s price declines, in Monday’s Asian trading. We’ll be watching today’s NYMEX trading to see if the U.S. markets follow the same course. Some experts have indicated that last week’s price declines may be “played out” indicating that we may be at or near the low-mark for heating oil prices and gasoline prices for some time.

With last week’s price decline, partially driven by the news of Osama Bin Laden’s death which suggested greater stability in the Middle-East, other Middle-East and northern Africa tensions continued to instill worries in the market. Libyan oil production is still absent from the market. And in Syria, security forces detained hundreds of protestors in a door-to-door arrest campaign using tactics similar to what was used in Iran, reported The Christian Science Monitor. Meanwhile anti-government protesters pledged to press on with their demands.

Oil prices also recovered on better-than-expected employment data from the U.S., suggesting that oil demand will increase.

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Industrial Oil Rig

With Rising Gasoline and Heating Oil Prices, Will We Buy Less?

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Rising energy prices are causing changes in our buying behavior. As gasoline prices are now at their highest levels since August, 2008, drivers are driving less and looking for other ways to economize. MasterCard Advisors reported another decline in gasoline demand for the week ending April 22, the 4th decline in the last 5 weeks. Our car buying behavior is also changing with car buyers purchasing hybrids and clean diesel cars at a record rate and growing. Auto analyst firm Baum and Associates reports that the 46% increase in March sales for these vehicles is three times higher than the increase in the overall car market.

Similarly, high heating oil prices are motivating homeowners to invest in better equipment and better insulation in order to use less fuel oil. Energy efficiency improvements are hot. Continuing improvements in heating efficiency can mean savings of several hundred dollars each year. Oil-fired boilers and oil furnaces have heating efficiencies at 90% and higher. The American Council for an Energy-Efficient Economy recommends replacing 20 year old systems as “a good investment."

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Gas Prices

EIA's Latest Forecast for Gasoline and Heating Oil Prices

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$3.86/gallon is EIA’s forecast for gasoline prices during the summer driving season from now through September 30. That’s an increase of 40% from last summers average price of $2.76 a gallon. EIA expects that heating oil prices will average $3.81/gallon for 2011, which would indicate that heating oil prices may stay fairly stable from now through the end of the year. All energy sources, many driven by the rising price of crude oil, are expected to be on the increase, as shown in the EIA Price Summary Table.

EIA Pricing Table

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Pen w Chart

Oil Prices Drop on Oversupply - Heating Oil Prices to Follow?

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Crude oil has dropped over $2.50/barrel at mid-day on comments by several oil officials that the market is oversupplied. The drop in crude oil prices was seen in both the U.S. benchmark crude rice, as well as the Brent crude price in Europe.

Heating oil and gasoline futures are also down 5 cents per gallons and 4 cents per gallon, respectively. Heating oil retail prices currently average about $4.00/gallon across the U.S. and 5 states are now showing average gasoline prices over $4.00/gallon. If the lower price for crude oil holds, both gasoline and heating oil prices will benefit with reduced retail prices.

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Blue Global Map

Record Oil Price Fuels UK Fears. Can U.S. Avoid Further Oil Price Increases?

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As Brent crude oil prices hit a new record in terms of the British pound, UK officials sought to calm the oil markets. Chris Huhne, UK Energy and Climate Change Secretary stated, “There is no shortage of supply, and yet the price has remained high. International energy markets should understand that the current price of oil does not reflect the realities of supply and demand.”

Prices for crude oil and refined petroleum products have soared as civil unrest, protests and violence have escalated across the Middle East and Northern Africa. Brent crude oil prices, the European benchmark price, hit $121 on Monday which is below the high of $147 in 2008 except that the British pound sterling has fallen 17% against the dollar, so Monday saw a new oil high in terms of the pound.

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Metal Globe

Oil and Gas Price Push Higher on Mideast Turmoil

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27 percent of the world’s oil comes from MENA, the Middle-East and northern Africa region, so energy analysts are watching this region very closely to determine the impact on world oil supply and oil prices. West Texas Intermediate Crude oil traded above $105 a barrel on Tuesday. Brent crude in London closed above $115 a barrel. Average retail gasoline prices in the U.S. are at $3.547 per gallon, the highest ever for this time of the year and 72.7 cents higher than a year ago, according to the Associated Press. Heating Oil prices ended the heating season at $3.878/gallon up 33% from the beginning of the heating season.

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Blue Trees w Snow

Heating Oil Price Ends Season At $3.88/gallon

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The average heating oil price across the U.S. has increased to $3.878/gallon in the final report for this heating season from the Energy Information Administration. The EIA reports heating oil retail prices from during the heating season of October through March. It’s been a costly winter for homeowners who heat with fuel oil. Over the course of the 24 weeks reported, heating oil prices increased 23 out of the 24 weeks. Starting at $2.91/gallon back in October, heating oil prices increased by 99 cents/gallon over the course of the winter, an increase of 33%.

Propane prices also increased considerably going from $2.359/gallon to $2.857/gallon, an increase of 21% over the course of the winter heating season.

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Blue Chart w Pen

Want to Gamble On Fuel Prices?

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Or at least gamble on the future price of jet fuel? If Allegiant Air has its way, their customers could essentially place a wager on the future price of jet fuel. Here’s how it would work. A customer could either purchase a traditional fixed-price ticket, or a discounted, variable-price ticket with the final cost based upon the price of jet fuel on the departure date. If the price of jet fuel declines by departure, the customer would get some cash back. If the price of jet fuel goes up, then the customer pays more, up to a cap price. For travelers it might be a chance to gamble on a cheaper ticket price. Interesting that Allegiant is headquartered in Las Vegas, the gambling Mecca of America.

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Oil Rig Sunset

How Japan Will Impact The Price You Pay For Your Energy

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We are watching history unfold. With all eyes on the events in Japan, there is much discussion about the long term impacts that the disaster will have on Japan, their people, their economy, the future of nuclear energy, and in fact, the impact on the rest of the world. Experts are indicating that the crisis in Japan will impact energy policy and practice for the next 40 to 50 years. In the shorter term we have commented on the impact on energy prices, specifically crude oil, fuel oil, liquefied natural gas and more. For a rather insightful look at the local and global impacts of the latest developments in Japan, listen to the weekly podcast from Financial Times. Also hear about how the unrest in the Middle East and Northern Africa is playing into the worldwide energy situation.

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Gas Prices

Crude Oil and Heating Oil Prices Drop

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Oil futures closed down yesterday in their largest one day decline since last October and at their lowest prices since February 28. Consumers, who have seen steadily increasing heating oil prices throughout much of the winter, as well as rapidly increasing gasoline prices, breathed a sigh of relief on the hopes that oil prices will moderate. NYMEX crude oil futures closed below $100/barrel and heating oil futures closed below $3.00/gallon Tuesday. Read More »
Blue Global Map

Events Around the World Are Supporting Oil Prices

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It was a bit of a roller coater ride today for NYMEX futures on petroleum products as the market worked to figure out the impact the devastation in Japan will have on commodity markets. Crude oil closed up only slightly at 101.19 at Cushing Oklahoma. The big gainer on the day was the price of heating oil, closing up a full 3.5 cents to $306.42 on NYMEX.

As the markets sorted out the Japanese impact, it looks like natural gas will be used in Japan to generate the electricity needed to replace the damaged nuclear facilities. About 70% of Japan’s petroleum products are imported and the current expectations are that demand for oil will less from Japan due to the impact that the earthquakes and the tsunami have had on the country.

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middle east and africa

Day of Rage Demonstration in Saudi Arabia - No Affect on Oil Prices

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As of 10:00EST, oil markets have not been impacted by Saudi Arabia’s Day of Rage demonstrations. In fact, most oil prices, along with prices for refined fuels. have retreated from yesterday’s close. Saudi activists are calling for political and economic reforms, jobs, freedom and women's rights. Washington said it would closely monitor the unrest in Saudi Arabia. Buoyed by the success of civil unrest resulting in reforms in Tunisia and Egypt, other MENA (Middle East North Africa) countries are experiencing demonstrations or even violence as is the case in Libya. Read More »
Oil Rig Sunset

Gasoline and Heating Oil Prices Surge

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AAA reported that gasoline prices now average $3.50/gallon in The U.S., an increase of 35 cents per gallon in the last 3 weeks and 14 cents in the last week alone. Average heating oil price now tops $3.75/gallon and is expect to increase further when the EIA announces the latest numbers later this week.

The increases come as the world economic recovery continues to take hold which is increasing demand for oil while the ongoing unrest and violence in Libya and elsewhere is reducing output from oil producing countries, notably Libya. West Texas Intermediate crude oil starts the week above $106/barrel.

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Silver Oil Tanks

NYMEX Heating Oil Contract Price Tops $3.00/gallon. Crude tops $100/barrel.

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Concerns over ongoing unrest and violence in Libya is again driving oil prices higher as most oil production has come to a halt. Conoco and Marathon both reported that they have shut down Libyan operations and recalled employees. Growing concern in now focusing on Oman where unrest is developing. The NYMEX oil futures complex rallied in post-settlement trade Tuesday. April crude traded as high as $100.13/b by 3:55 p.m. EDT before retreating blow $100. April heating oil climbed 10 cents to $3.0389/gal and April RBOB jumped 10 cents to $2.9927/gal.

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Metal Globe

Retail Gasoline and Heating Oil Prices Continue to Rise

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Even as world oil markets have cooled down since Saudi Arabia began offering crude oil to make up for any supply loses caused by the protest in Libya, higher retail prices for gasoline and heating oil continued to reach the market. The Associated Press reported this morning that “Gasoline prices rose 4 percent last week to a national average of $3.29 per gallon. That's the highest level ever for this time of year, when prices are typically low.” When weekly heating oil prices are announced this week, we are likely to be approaching the record high heating oil prices of 2008. The most recent heating oil retail average of $3.618/gallon is just 24 cents below the record …and last week’s wholesale price increases on heating oil will undoubtedly push the retail price closer to the record.

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Industrial Oil Rig

Oil Prices Ease. Libyan Situation Clearer.

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Reuters reported this morning that oil prices have eased “amid signs the crisis in Libya may have cut supplies less than previously estimated and as Saudi Arabia seemed ready to boost output.” Crude oil is above $97 a barrel in early Friday trading, which is well under the peak of $103 the day before. Consumers are still seeing increases in the price of heating oil and gasoline as the wholesale price increase make their way through to the retinal level.

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Shadow Oil Rig

Heating Oil Prices Soar on Libyan Unrest

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Wholesale heating oil prices increased almost 15 cents per gallon since last week, before reversing 5 cents per gallon at the close of markets today. This whipsaw effect is fairly common in a market that his been driven into a frenzy based upon fear and speculation, as opposed to the fundamentals and the basics of supply and demand. The ongoing events in Libya have markets on edge and certainly supply disruptions out of Libya are real. As of this morning Morgan Stanly was reporting that all ports and terminals were reportedly closed, cutting off Libya’s exports of 1.3 million barrels a day. However, according to Morgan Stanley, “Saudi Arabia has said the Kingdom will be able to make up lost exports using its spare capacity. Saudi estimates that it will take a month to replace the 1.3 million barrels daily that would be lost.” Gasoline also retreated about 2 cents per gallon today.

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Pen w Chart

Oil Price Increases Could Trigger Another Recession

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Morgan Stanley is now projecting that if crude oil prices reach $120 a barrel (currently under $100/barrel) that world economies are at risk of slipping back into recession. Current fears around rising oil prices have been triggered by ongoing geopolitical events in northern Africa and the Mid-East and concerns that the civil unrest will cause disruption to oil supplies. Crude oil prices last reached the $120/barrel level in 2008 and peaked in fall of 2008 at record levels of $145/barrel.

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Gas Prices

Heating Oil Prices Skyrocket

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Wholesale heating oil prices increased almost 11 cents per gallon yesterday on news of the civil unrest in Libya, which holds the largest oil reserves in Africa and the ninth largest in the world. The Libyan situation, although not independently verified, appears to have intensity to the rebellion that is closer to a civil war, far more brutal and serious than the protests seen in Egypt, Tunisia and Bahrain.

The wholesale increase in heating oil prices is likely to have an almost immediate impact on retail prices as Northeast temperatures again dip in what continues to be a harsh winter. If the wholesale price holds on heating oil, average retail prices across the U.S. will likely move to heating oil to $3.70/gallon, which would be the 2nd highest weekly price on record.

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Thermometer

Oil Prices Rise and Other Energy News on Valentine's Day

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Valentines Day is shaping up to be a volatile day for world oil prices set against a backdrop of Mubarak’s departure, Chinese exports, Alaskan pipeline concerns and more. In what’s turning out to be quite a news day, here is a sampling of what is impacting the price we are paying for gasoline, heating oil and other fuels.

 China reported that their exports rose 37.7 percent in January - more than double the rate in December - to $150.7 billion – suggesting consumer demand is rising as well, and that could expand consumption of gasoline, diesel and other fuels, causing further price increases in oil products.

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Industrial Oil Rig

Oil Prices Remain High Because of Politics, Not Oil Demand

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It doesn’t take an actual shortage of oil to cause prices to rise, according to Platts, a global provider of energy information. “The perception that there could be future tightness in the market is enough. There was no actual physical shortage of crude oil when oil prices hit their peak in 2008.” Platts goes on to point out that “Given the fairly balanced fundamentals picture, the key factors that could produce a price spike in 2011 are essentially political; firstly OPEC policy and secondly the ephemeral ‘security premium.'"

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Silver Oil Tanks

Oil Prices Going Down

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For those of us who are hoping for some relief from high gasoline and heating oil prices, good news may be around the corner. While it is too early to tell for sure, there are some signs that point to lower gasoline and heating oil prices.

-  Crude oil prices have dropped and are near a low for the past week.
-  Inventories in the U.S. continue to stockpile. Over supply could lead to lower prices.
-  Tensions in Egypt have eased as fears of any disruption to oil shipments have lessened.
-  Gasoline supply is at a 21 year high

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Blue Global Map

Potpourri of Energy Topics and Energy Prices

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Oil Product Prices: The upward march in heating oil prices continues with last week’s average retail price for home heating oil advancing almost 5 cents per gallon to $3.523/gal. This is another new high for this heating season. Similarly, retail propane prices hit a new record high of $2.819/gal last week, which is the highest residential price reported in the EIA database, going back as far as 1990.

Continued Cold: Temperatures in the Northeast U.S. are forecast below normal at least up to Valentine’s Day, which will continue to put upward pressure on heating oil and propane prices as energy companies work to keep up with strong demand.

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Metal Globe

Egyptian Unrest Impacts Oil Prices

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As of this morning, record numbers of Egyptian protestors have taken to the streets in Cairo for “departure day” calling for the end of President Hosni Mubarak’s reign. Brent crude oil prices held above $102 today, in London. Brent North Sea crude for delivery in March rose 43 cents to $102.67 per barrel in London trade, one day after striking $103.37 -- the highest level since September 26, 2008.

But why does the unrest in Egypt, a relatively small oil producer, have such a strong impact on oil prices? Egypt comes in at about #21 among oil producers, with about 650,000 barrels a day. This quantity does not justify the impact that the Egyptian unrest has had on world oil prices. So what is the reason? In a word, it’s about transportation. Read More »
Gas Prices

Oil Prices - A Bargain in the U.S.?

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It’s true. Crude oil prices in the U.S. are currently priced at an unusual discount to crude oil on the other side of the Atlantic. If you want a more technical explanation, read on. Otherwise you can simply take some comfort knowing that in spite of the 2-year highs on heating oil prices and other fuels, it would be worse for us if we lived elsewhere.

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Silver Oil Tanks

No Oil Supply Disruption Due to Egypt Situation... For Now

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Morgan Stanley Smith Barney reported this morning that, “OPEC is making efforts to reassure oil markets. OPEC Sec. General El-Badri said that OPEC would increase production should there be any supply disruptions caused by the situation in Egypt”. What happens in Egypt remains uncertain and crowds are swelling in central Cairo, so industry watchers have both eyes on this trouble spot. In addition, political unrest is spreading to other countries in the region. “…the situation continues to ramify throughout the region.

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Thermometer

Heating Oil Futures Hit Fresh 2-Year High

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NYMEX heating oil futures hit a fresh 2-year high yesterday as the price closed just short of $2.70/gal, the highest since October 2, 2008. Heating oil, gasoline and other fuel prices have increased steadily over the last few months supported by slowly improving economies and worldwide by China’s demand for diesel fuel. Heating oil, a popular heating fuel in the Northeast U.S. has also experienced increased demand caused by temperatures that have been well below average for most of December and January. Heating Oil retail prices have increased almost 20% since the beginning of the heating season. The national average heating oil price reported by EIA is $3.478/gal. as of January 24, and $3.506/gal for heating oil in the Northeast.

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Blue Chart w Pen

Heating Oil Prices High in the Northeast

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Heating oil prices have increased 7% during October and November. The national average price for heating oil now stands at $3.11/gal according to the Energy Information Administration. In the heating oil dependent northeast, Maine has the lowest state average of $2.935/gal. This increase in retail prices reflects increased demand as we move into the heart of the heating season in the northeast U.S.

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Pen w Chart

EIA Predicts Rising Expenditures for Heating Oil and Propane

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The Energy Information Administration released their Short Term Energy Outlook yesterday. In the report they updated their expectation for the average household expenditure for space-heating fuels to total $962 this winter, about the same as last year's expenditure. EIA projects higher expenditures for heating oil and propane, but lower expenditures for natural gas and electricity. Read More »
Shadow Oil Rig

Heating Oil and Gasoline Prices to Peak

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Will heating oil and gasoline prices soon peak? Crude oil prices rose above $88 a barrel Monday in Asia, which was up 53 cents, but ultimately settled the day at 487.79. The Associated Press reported that “OPEC left its crude quotas unchanged, citing slowing demand and abundant supplies”. At their meeting in Quito, Ecuador the 12-nation organization said that a "fragile global economic recovery" and "fears of a second banking crisis in Europe" kept the cartel from raising oil production.

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Snowy Trees

Cold Weather Across US and Europe Raising Heating Oil Prices

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Extended cold in the Northeast US and across Europe is raising heating oil prices. Reuters this morning reported that oil prices rose “as forecasts for continued freezing temperatures in Europe and the U.S. Northeast this week looked set to boost heating fuel demand”. Reports of significantly increased retail prices for home heating oil, and even price gouging, continue to come from the UK where snow and cold have dramatically slowed heating oil deliveries. However, the threat of significantly higher retail heating oil prices for the US small. Read More »
Gas Prices

Highest Heating Oil Prices in Over Two Years

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Heating oil prices reached their highest level in over two years, according to the most recent data from the Energy Information Administration. Retail heating oil prices now average $3.282/gallon on the east coast, with a national average heating oil price of $3.26/gallon, which is $.50/gallon more than heating oil was last year at this time. The last time heating oil topped this price was in October 2008.

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Gas Prices

Preparing for an Expensive Winter:Conservation Tips

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With the holiday season quickly approaching, we know that winter is also right around the corner. For those preparing their budgets for the upcoming winter months and holiday season, heating oil prices are predicted to largely impact household expenditures between now and March 31, 2012. The US Energy Information Administration (EIA) is predicting that heating oil prices will be higher this winter than any previous winter, which is bad news for many homeowners. The good news, however, is that Smart Click Energy has some useful tips we believe will help our customers save on bills to avoid stress this winter.

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Light Blue Home w Snow

Winter Where Are You?

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We don't know about you, but lately we've been thinking it feels an awful lot like April Fools rather than the holiday season.  With snow in October and 50 degree days in December, homeowners throughout the Northeast are left unsure about how to plan for the upcoming winter...if it ever comes.  And to make matters more complicated, unpredictable weather means fluctuations in heating oil prices.

 

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Gas Prices

Heating Oil Prices up 50 Cents per Gallon Versus 2009

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As we start our new year, let’s take a look back at how heating oil prices faired in 2010. As of the end of December the national average retail price for heating oil was $3.315/gallon, better than 50 cents a gallon higher than 2009 year end $2.797/gallon. This is the highest price we have seen on heating oil since October of 2008, but if you are a glass-half-full kinda guy, this is well below peak heating oil prices of $3.85/gallon in March 2008.

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Blue Chart w Pen

Bloomberg Reports Robust Demand for Heating Oil

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Bloomberg reported “Demand for oil is turning out to be more robust than originally anticipated,” said Christopher Bellew, a senior broker with Bache Commodities Ltd. in London “The latest U.S. economic data came in better than expected. But there remains the risk that a short-term spike in prices will damage growth.” Gasoline and heating oil prices have seen considerable increases in spite of relatively robust inventories which are being quickly absorbed by the growing economy. Inventories of distillate fuel, a category that includes heating oil and diesel, rose 1.15 million barrels in the last week “The market is still see-sawing,” said Victor Shum, a senior principal at consultants Purvin & Gertz Inc.

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Oil Rig Sunset

Trans Alaska Pipeline Shutdown Due to Leak

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Oil prices increased today after an Alaskan pipeline carrying about 15 percent of U.S. crude output was shutdown when a leak was detected. The increase in crude oil prices is likely to spill over to refined products such as gasoline, diesel fuel and heating oil prices unless the pipeline leak is fixed quickly. The Trans-Alaska Pipeline System was closed Jan. 8, forcing companies to suspend 95 percent of their production from the North Slope area. Operators of the Alaska pipeline, an 800-mile (1,300- kilometer) network crossing the northernmost U.S. state, can’t say when the link will open again.

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Pen w Chart

Lower Heating Oil Prices Around the Corner

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Josh Garret of HeatingOil.com commented yesterday that while crude, heating oil, and gasoline prices have been mostly on the rise for the last month or so, lower prices may be just around the corner. Energy analyst and adviser John Kilduff spoke about oil prices on New York public radio station WNYC’s The Financial 411 on Monday, and predicted that prices would fall in the near future.

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Gas Prices

Heating Oil Prices up 45 Cents a Gallon Since October 2010

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EIA projects heating oil prices to average $3.37/gallon in 2011. The Energy Information Administration, in their latest Short-Term Energy Outlook, projects heating oil prices to average $3.37/gallon in 2011, which is comparable to the current national average price of $3.36/gallon. Heating oil prices have increased about 45 cents per gallon since October 2010, the beginning of the heating season.

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Thermostat

Heating Prices Running High

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Heating oil prices are running higher than EIA forecast. Last October, the Energy Information Administration published their Winter Fuels Outlook which projected heating oil prices to be $.23/gal higher than last winter. During the winter of ‘09/’10 heating oil prices averaged $2.79/gal. So far this winter, heating oil prices have averaged $3.13/gal or $.34/gal higher than last season, a 12% increase. Read More »
Gas Prices

Heating Oil Price Outlook

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As we look to the start of a new heating oil season, we are frequently asked for our best estimate for heating oil prices over the winter months. It has been said that oil is the barometer that tracks the market’s moods. If that is the case, oil’s crystal ball seems to be telling us that in the near term the market is in a bad mood …oil prices have been soft recently so it may be a good time to fill your heating oil tank before the cold weather gets here. On the other hand, oil also seems to be pointing to a market that wants to be optimistic in the longer term, which suggests that heating oil prices throughout the winter may be somewhat higher than they are today.

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