Home Heating Update

October 18, 2012 10:27 AM
 

Residential heating oil prices showed gains during the reporting week ending October 15, while residential propane dropped slightly.

The average residential heating oil price was up a nickel/gallon week-over to $4.03 -- $0.26 higher than a year ago. Wholesale heating oil prices increased nearly 7 cents/gallon last week to just under $3.55/gallon -- $0.21 higher than year-over.

The average price of residential propane was down less than a penny per gallon to just below $2.37/gallon -- $0.43 lower year-over. Wholesale propane prices nearly two cents higher to $0.99/gallon -- $0.57 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...but with crude and natural gas futures throwing fits, now is a good time to check in with your local prices on the Inputs Monitor.

More than one Monitor reader has reported switching propane dealers to your Editor 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 the Inputs Monitor for more home heating pricing action throughout the season. Arm yourself with competitive pricing tools when you book your heating fuel needs this year, and take the savings to the bank.


 

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