Heating oil remains expensive despite falling crude oil prices

HOil buyers still have to dig deep into their pockets, even though the price of crude oil is falling. While diesel fuel, which is very similar as a product, has been cheaper for weeks, heating oil prices have been moving sideways, according to figures from the HeizOel24 portal. For Thursday, it reported a liter price of 1.51 euros when buying 3000 liters. Prices have fluctuated around 1.50 euros for about a month. If you go back two months, there is even an increase of a few cents per liter. Quite different with diesel: According to ADAC data, the price of the fuel has fallen by around 14 to 15 cents per liter since mid-June.

The lower oil price is considered to be the most important driver behind the fall in diesel prices. While the North Sea variety Brent, which is important for Europe, cost around 120 dollars per barrel (159 liters) in early and mid-June, it was recently below 100 dollars. Why this decline in fuel oil has not arrived, however, is unclear. One possibility would be increasing demand: According to the Fuels and Energy trade association, numerous companies are currently switching to heating oil for fear of a lack of gas deliveries.

In the first few months after the beginning of the war, the high heating oil prices had not drastically affected demand. The figures for domestic deliveries reported by the Federal Office of Economics and Export Control (Bafa) for the months of March to May 2022 are rather low compared to previous years, but they were even lower in 2021. Values ​​for June and July are not yet available.

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