Oil price development – important information at a glance
- API reports significant inventory reductions
- Russia plans cuts in crude oil exports
- Brent bei 56,26 US-Dollar / ICE-Gasoil bei 454,50 US-Dollar
- Euros at $ 1.2160
Heating oil price today
- Heating oil price at 59.61 euros / 100L
A 3,000 liter standard delivery currently costs around 59.61 cents per liter of heating oil on average across Germany. On Tuesday, the price of heating oil was 59.46 cents per liter of heating oil.
Factors influencing the oil price
▲ API: US crude oil inventories are falling significantly
▲ Russia plans to cut crude oil exports
▲ Iraq wants to implement compensation cuts, and Saudi Arabia is also cutting oil production
▼ weak oil demand in Europe at the beginning of the year
▼ tightened lockdowns in China
▼ Libya puts an important pipeline back into operation
How has the price of heating oil developed today?
Last week the American Petroleum Institute reported a significant increase in US crude oil inventories. In view of this, investors expected further buildups this week, not least due to the continued weakening of oil demand due to the corona pandemic. All the more surprising were the strong inventory reductions that the API reported yesterday. This development supports the heating oil price. However, the upside has been limited by the strong build-ups in gasoline inventories. Indeed, this points to weak oil demand. In the short term, there are only very uncertain demand prospects for market participants, so that the upward potential of the heating oil price should also be limited in the future. In addition, the cut in oil production by the OPEC + members Saudi Arabia and Iraq limits the pressure on the price of heating oil.
A major driver of the uncertainty is China, where the number of new infections has increased significantly for the first time in months and new lockdowns have been introduced. With the upcoming Chinese New Year celebrations, the government issued travel warnings and appealed to the population to urgently refrain from traveling.
Russia plans to cut crude oil exports
Russia’s crude oil deliveries are to be cut by around 20 percent in February. The country wants to counter the record increase in Russian gasoline and diesel prices. Prices are currently at their highest level since 2008 and are putting President Putin’s government under pressure. The Russian crude oil Ural is therefore to be increasingly diverted to domestic refineries and processed in order to improve the supply. The decline in crude oil exports is also supporting the price of heating oil.
Oil prices on the commodity futures exchange:
The price of the European reference oil grade Brent was quoted at 56.26 US dollars in the morning. Tuesday’s benchmark was $ 55.48.
ICE Gasoil, the main indicator of the domestic heating oil price, stood at $ 454.50 in the morning. The comparable value Tuesday was $ 55.48.
All statements without guarantee. You can find more current prices on our heating oil price page every day.
Buying heating oil from TOTAL – uncomplicated and quick
A large delivery of heating oil can quickly turn into money. Thanks to our heiz & SPAR heating account, you can benefit from monthly payment installments without having to purchase heating oil in installments. In this way you retain full financial flexibility. Please visit our website for more information. If you want to keep an eye on the oil price development in order to determine a favorable time to buy heating oil, it is best to use our price notification and the desired heating oil price.
It is also worth taking a look at our All about heating oil section. In addition to special customer campaigns that can save you money, we also offer you useful checklists here to help you order and deliver heating oil.
Did you know that the federal government’s climate package does not categorically exclude the operation of oil heating systems after 2026? Existing oil heating systems can continue to be operated. If the heating system is modernized, an oil heater can be installed again, provided that it is supplemented with regenerative technologies such as solar thermal or photovoltaics. The same applies to new buildings! If the integration of these technologies is not economical, an oil heating system can be operated as before or newly installed.
–
