Mild weather is killing demand for heating oil prepare for a big drop

I hope you are right. Our shop utilizes an oil fired boiler and we just paid 3.91 a gallon to fill up!

Finally got our shop to oil ween 100%, Were going natural gas once this tank is empty! Could you imagine filling 12,000 gallons about every 20 days or so? Good thing it was only a back up and the 12,000 lasted 6 years. The oil in it I only paid $1.13 for.

Winter has only started 2 days ago. I would get all wound up just yet! Got a lot of days to go and cold could come hard and fast. But if it stays like this? I'll need less pellets in the spring to refill my stash!

Propane's been running 10 - 20 cents higher than last year. Three weeks into it, and my only regret is that I didn't buy a pellet stove yeas ago.

in my area of CT..a guy i work with just paid 3.39 for oil

I just put 125 gallons in the tank, but this should last for about 5 month since it is only heating our DHW. I paid $3.59/gallon. Assuming you are correct I would have saved some ware between $40-$80. But I will believe it when I see it.

$3.25 / gallon yesterday. 125 gallons should keep me in water hot until summer.

Yesterday, Atlas Glen Mor of Chelsea, MA put 98 gal of oil in my tank for $4.10/gallon. That's right: FOUR DOLLARS AND NINE POINT NINE CENTS A GALLON. And I didn't even order it; automatic delivery. I'm calling tomorrow.

http://newenglandoil.com you can tailor this for most of new england found 3.17 north of boston

mrjohneel said:

Yesterday, Atlas Glen Mor of Chelsea, MA put 98 gal of oil in my tank for $4.10/gallon. That's right: FOUR DOLLARS AND NINE POINT NINE CENTS A GALLON. And I didn't even order it; automatic delivery. I'm calling tomorrow.

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I put one of these on my oil fill line. http://www.spinsecure.us/versalock.html Best 60 bucks I've spent in a while. Now I'm I control of when the oil company can deliver.

Ken-H said:

Propane's been running 10 - 20 cents higher than last year. Three weeks into it, and my only regret is that I didn't buy a pellet stove yeas ago.

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Amen brother!. Friend of mine just paid $4.099/gallon for oil. I haven't burned a drop for heat yet - and won't unless Madame Defarge forces the issue during a prolonged cold snap.

Oil here has gone up .10 A DAY in the last two days. It had dropped to 3.43 a gallon on Mass Energy through CK Smith in Worc. They're a big oil company so their price should be pretty good. YIKES my next tank is very soon. I'm hoping it will drop but not holding my breath anymore.

I'm using oil to heat up water. Right now oil is at 3.25 and I'm tempted to fill it up. Should I wait?

MacP, we will never know what the price is going to be tomorrow let alone next week or next month. I think that at $3.25 you should jump on it and fill it up. I wish I could have gotten that price, I just paid $3.59/gallon.

MacP said:

I'm using oil to heat up water. Right now oil is at 3.25 and I'm tempted to fill it up. Should I wait?

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Inquiring minds want to know. I'm in the same boat.

My goal, don't use the oil this year, so far it's working. At some point I would like to fill up, but I waiting for it to go under $3.00.

Tom C.

I have 150 gallons of oil in the tank from last heating season. Heating with pellets now, the only time the oil burner will be used is weekends I head to my cabin and no one is home to fill the hopper when it empties out. That might be 4 weekends this winter, so that tank of oil will last me a long time.

Atlas Glen Mor just lowered my price from $4.099 to $3.749 after I called them this morning to "express my concerns."
I gotta get my Harman P35I installed.

RidgeRunner56 said:

I have 150 gallons of oil in the tank from last heating season. Heating with pellets now, the only time the oil burner will be used is weekends I head to my cabin and no one is home to fill the hopper when it empties out. That might be 4 weekends this winter, so that tank of oil will last me a long time.

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if you buy the hopper extension, fill it up when you leave, and keep the stove running at a low setting then it might last you all weekend. it doesnt really matter if the house stays 55-60 if no one is there.

mrjohneel said:

Atlas Glen Mor just lowered my price from $4.099 to $3.749 after I called them this morning to "express my concerns."
I gotta get my Harman P35I installed.

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There's no way they can justify over $4 per gallon if diesel is selling for less than that. At least you don't have to deal with these guys. http://www.consumeraffairs.com/utilities/petro_oil.html

my thought
why not just put in an electris hot water heater
and not burn any oil
would it be that expensive for electric??
figuring how efficient they (heaters) are now
we are 100% electric here Ohio
pellets for heat
very economical

ironpony said:

my thought
why not just put in an electris hot water heater
and not burn any oil
would it be that expensive for electric??
figuring how efficient they (heaters) are now
we are 100% electric here Ohio
pellets for heat
very economical

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I agree with your thought.. The cost comparison makes a compelling argument, however, I am at the mercy of my landlady. So in the summer, I have "on demand" hot water that requires me to flip the switch to the on position for the furnace whenever I want hot water. With that method, we used less than 30 gallons of oil over the entire summer for hot water. While the fireplace was not efficient, it put off a some heat and my wood was "free".. Inspection revealed mortar missing between flue tiles two weeks ago, so the chimney is now capped and the landlady won't fix it. Resorting to insulating someone else's home and using electric space heaters to offset some of the oil use. I envy all who are able to burn wood the way prices are now.

This is a great resource to track oil and propane prices. http://www.eia.gov/dnav/pet/pet_pri_wfr_dcus_nus_w.htm

Avg Oil price at the end of Nov for the northeast was $3.916... This is an all time high.

Back is 2008 it got to $3.696 and then plummeted back to $2.60 by winter of 2009.

I would not expect these prices to fall much if any.




However you are correct that the demand in the US is declining. Has been for years. Mainly a reduction in power generation..

ironpony said:

my thought
why not just put in an electris hot water heater
and not burn any oil
would it be that expensive for electric??
figuring how efficient they (heaters) are now
we are 100% electric here Ohio
pellets for heat
very economical

Click to expand...

I have an Amtrol Boiler Mate that stores my hot water and acts as a zone off of the oil furnace. In the past 11 months I have used ~250 gallons of oil to keep the DHW hot. This work out to be $897.50/year at today's oil price of $3.59. Electricity from PSNH is going for ~$0.155kWh.

1 gallon of oil = 115,000 BTU's x 250 gallons = 28,750,000 BTU's
1 kWh of electricity = 3,413 BTU's

So.... 28,750,000/3,413 = 8,423.67kWh * $0.155 = $1,305.67

Looks like it is cheaper to keep my Boiler Mate. However, I'm hoping that someone will find some holes in my projections such that I could justify switching to an alternate fuel source for DHW :smirk: