Home Heating Report -- 10/24/2012

October 24, 2012 11:11 AM

Residential heating oil prices eased during the reporting week ending October 22, while residential propane increased slightly.

The average residential heating oil price was down a penny/gallon week-over to a shade under $4.03 -- $0.23 higher than a year ago. Wholesale heating oil prices decreased nearly a dime/gallon last week to just under $3.25/gallon -- $0.13 higher year-over.

The average price of residential propane was higher by a penny/gallon to just below $2.39/gallon -- $0.41 lower year-over. Wholesale propane prices nearly one cent higher to a good $0.99/gallon -- $0.50 lower than the same time last year.

Many retailers are forward booking heating oil and propane sales for the winter heating season by now. A revised forecast has reaffirmed expectations of a warm dry winter for much of the nation, suppressing prices...with crude and natural gas futures generally soft, now is a good time to check in with your local prices on the Inputs Monitor.

More than one Monitor reader has reported to your Editor switching propane dealers after comparing their local price to that of the Monitor's Regional Index, saving them hundreds of dollars over the year in home heating. Note that while changing heating fuel providers often leads to the installation of a new tank, Inputs Monitor recommends leasing the tank rather than buying it. Most retailers provide the option to lease and we strongly recommend consumers go that route.

Stay tuned to your Inputs Monitor for more home heating pricing action throughout the season. Arm yourself with competitive pricing when you book your heating fuel needs this year, and take the savings to the bank.


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