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The prices of heating oil slightly expand the high level. Bullish impulses prevail in the oil market.

international market

Although the fear of a global recession has also reached the oil markets, the extremely tense situation of the supply of oil products continues to dominate events. Brent crude oil remains well above 123 dollars a barrel. The US WTI hit the $ 120 mark yesterday.

The driving price impulses of a still uncertain supply keep the upper hand on the oil market. They are currently struggling with news that lower prices. These hail from China, where new crown blocks have been imposed in parts of the capital Beijing. This leads market participants to assume that demand from the Middle Kingdom will decline in the future.

Furthermore, everything points to a further sharp rise in the reference rates in the US, with which the Fed wants to keep high inflation under control. A decision on this is expected for Wednesday. In Europe, too, an ECB interest rate hike is more than likely due to rising inflation. Market participants fear that higher interest rates could stifle the economic recovery, which is already more subdued after the Crown and the war in Ukraine. A weaker economy would reduce the demand for oil, putting oil prices under pressure.

However, reserves of petroleum products are currently more limited than they have been for a long time. This weighs more heavily than the damping factors at the moment. Therefore, the expectation remains that non-deliveries from Russia will cause a supply gap that cannot currently be compensated for. The fact that oil production from Libya almost completely collapsed yesterday further worsens the mood.

With the weekly report on US oil stocks, released by the industry association API late in the evening, experts are also expecting a new drop in US stocks. This should support prices later in the day.

Oil prices are already on the upside in the morning and are testing the previous day’s highs. A barrel of West Texas Intermediate (WTI) crude oil is currently at $ 121.90 . The North Sea Brent variety costs US $ 123.29 per barrel prices are rising. A ton of diesel is trading at $ 1277.75 prices are rising. The US dollar is trading at € 0.9551 this morning prices are rising. This means that the euro is available for $ 1.0468 prices go down. The arrows indicate the change in prices compared to the start of trading the previous day.

National Market

Diesel prices are slightly higher this morning, as shown by the current trend in diesel prices. An expected downward correction did not materialize yesterday. On Monday evening, however, diesel prices increased. This was triggered by rising prices on the international oil market.

Unlike equity markets, which have come under pressure from recession fears, the oil market remains in bullish mode. One reason is the global shortage of petroleum product stocks.

On Tuesday morning, heating oil costs a national average of 146.10 euros per 100 liters with a standard delivery of 3000 liters. Heating oil customers are waiting.

The swarm-o-meter for oil heating shows low willingness to buy. Measure actual orders placed following a price request. According to the evaluation of the readers, 71% foresee a drop in prices in the future.

A guide for all the undecided: if you need to fill up promptly, you should keep an eye on the price trend. You can also take advantage of the small, favorable price moments that can recur again and again despite the high level. But don’t wait too long.

To make the most of good shopping times, you should know exactly how much space is in your tank. Our e-dipstick plus will help you. You can use it to measure the fill level of your heating oil tank at any time with the push of a button.

Clarification: For some time now we have been noticing misunderstandings in the public opinion about the future of oil-fired heating. Therefore we would like to emphasize this Diesel heating is not prohibited by the legislator, neither now nor in the future and not from 2026. From, new oil-fired heating systems only have to be equipped with a regenerative component, for example with solar collectors for heating domestic water. Further information

Apart from that, we are of the opinion that we all need to develop consumption reduction measures and behaviors to be fit for the future.

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