Should I buy home heating oil RIGHT NOW?

Brad White_194

is at a 5-month low, nearing $100 down from the $140/Bbl. range. No telling what the lag time is to #2 heating oil but it tends to be fairly close. (Increases being immediate, my inner cynic says.... )

Kelly Gilbert

Should I buy home heating oil right now?

With Gustav probably sending prices up high again, at least for awhile, should I fill my tank now? Or should I wait until the prices GO BACK DOWN???? Some people say to wait, but I don't trust that they will go back down? I can't afford home heating oil as it is this year. I'm just getting it to keep hot water in the house.

We will be going without heat for most of this winter. Two people I know haven't been able to afford it for a couple of years, and I couldn' even imagine it. I never thought it would happen to us. I'm sure we're not the only ones. It's going to be a long cold winter this year.

burnerman_2

Crystal Ball

If I had a crystal ball i could give you a better answer at this time i say wait the gov. quit putting oil in reserve on july 1st that adds 76,000 barrels a day to the market. Also demand is down so unless a camel in the middle east gets shot or someone snezzes it will come down. royboy

[Deleted User]

here's a similar recommendation

http://www.residential-heating-oil.com/current-events-affecting-oil.html

Kelly Gilbert

Thank you for your help.

doug_43

As a point of reference,

US daily consumption is 20,680,000 barrels/day.
If I am doing the math correctly, the 76,000 barrels is .3675 percent of the daily consumption. Basically a third of a percent.

On a daily basis, that represents about 5.3 minutes worth of our consumption.

US net petroleum product imports is 12,036,000 barrels/day or 58.2% of our daily consumption.

70% of our consumption goes to transportation.

I think the nation would be better served by continuing to fill the reserve and we would all give up one trip to Walmart.

Robert O'Brien

Brad

Cynical?I call it being a realist!

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