Heating oil big drop

It not mumblings. Oil fired power plants that were used as back-up are now being used as primary electricity generation systems. Large companies are also switching systems to oil where possible.

On the positive side more refining capacity has been coming on stream. But refining uses a lot of gas, so cost of refining will remain high.

Realistically, the only thing that will solve the issue is peace in Ukraine.

What size jet is in the burner? With no rads turned on and a standard sized copper cylinder it should run for approximately 30 minutes of the timed 60 minutes. A 0.6 jet delivers 2.27 litres per hour in constant running, jets are measured in US gallons per hour. That should give you some idea of the fuel being used.

I always surprised how fast oil companies reacts to price increases on Brent crude. It went up 4 percent (Saudi mentionet production cuts what a coincidence when oil was going dow) in few days and they up the prices straight away. I don't think they had to restock their tanks 3 times in 5 days and were buying oil for increased price. On the other end when price goes down they wait until they use inventories and then reduce the price. In Kerry kerosene went up from 620 to 685 in 5 days. Honestly the price of home heating oil should be set and regulated by government it is essential for people and we are the ones producing money for State so they should by looking for us as well. KEEP US WARM FOR REASONABLE PRICE for example.

Gone up to 695.02 today.

The increase in oil price takes 10-14 days. Oil price has not been that volatile recently. The refining margin has. And a fuel station does get a delivery 2-3 times a week. (The biggest road tankers can carry about 35,000 litres - that's just 1,000 cars @ average 35 litres)

The US dollar change is almost immediate as its paid when the fuel leaves the refinery - so can be as short as 2 days

The refining price change is about 3-7 days depending on where it comes from. If Pembroke, Stanlow or Milford haven in the UK or Whitegate in Cork, prices will feed into pumps in 4-5 days.

To give an example on refining changes for heating oil / diesel - 15th July $47, 25th July $35, 1st Aug $42, 11th Aug $32 (this was what brought heating oil to €1200 early last week literally 5 days after the price dropped), yesterday $58 - a $26 difference between lowest and highest in just 5 weeks!

On 11th Aug the dollar was at 1.037, so it was a double boost and meant that many oil suppliers dropped under €1200 for 3-4 days.

The $58 refining margin yesterday and 99c exchange rate equates to a litre price difference from the refinery since Aug 11th of 19.5c. Add 13.5% vat and it is 22c - or €220 per 1,000 litres.

The increase in oil prices this week still ahs to feed in as does the further refining increase since Monday. You will find it difficult to get 1,000 litres for under €1400 at the end of next week unless refining margins drop suddenly.

Texoil yesterday quoted me €700 for 500 litres. Thats literally double what I paid for 500 litres less than 6 months ago.

Exactly. But the bullet yesterday. Father in law was supposed to have organised it with a lad working for one of the companies locally but that didn't work out. 1000l for 1324.

My usual supplier in Cork has gone up 14% or so since hitting a low of €1,200 per 1,000L

I ordered from McGuckian Oil, Cork this evening at 136 per litre.

They told me that tomorrow morning, they are increasing this to 139 per litre.

At the moment, the Saudis are buying Russian oil for their own use, and exporting Saudi oil... But who's to know what's actually happening with it.

We could be getting Russian oil or a mix of oil, all with a "made in Saudi Arabia stamp"

😔

Ok, as above

+ a smiley ☺️ as it is intended to be funny.

+ text to explain that this was humour borne out of expectation and frustration at the current oil price situation.

+ a request that thread should be renamed to "Latest Heating Oil Price" or something more informative and less misleading.

More stuff to worry about. 😔

I've just got rid of my two IBC tanks after I was advised that they are not good for storing kerosene.

This was borne out after I had to replace the pump on my boiler and regularly replace (three times) the nozzle, all during last winter after using kerosene that was stored in the IBC tanks for approx nine months. Both the pump and the nozzle filters were full of thick pink goo!!

Any comments? Has anyone had the same or similar problem?