Buyers of heating oil have ceased their purchases of the fuel.
In recent days, the heating oil market in Germany has been experiencing a rollercoaster of changes.
The average delivery times for heating oil have extended to 27 days, a slight increase from the beginning of this week. This prolonged delivery period could be a result of increased demand or supply chain disruptions.
Heating oil prices are showing a mixed picture across regions. While some areas still have prices below 86 euros per 100 liters, others are hovering around 88 to 89 euros per 100 liters. However, the newsletter from our website will keep you informed about the top stories of the day regarding heating oil prices, providing you with the latest updates.
Thursday evening saw a surge in oil prices due to warnings of "serious consequences" if talks between Putin and Trump over Ukraine fail. This price increase pushed both oil benchmarks out of technically oversold territory for the first time in three days. The Brent crude oil price rose by $1.07 to $66.70 per barrel, while US crude oil of the West Texas Intermediate (WTI) variety rose by $1.10 to $63.75.
The oil price gains were capped and prices remained relatively close to their over two-month low due to oversupply concerns. A rate cut in the US next month could boost oil demand, potentially mitigating some of these concerns.
Despite the price surge, purchase activity for heating oil remains "very high," according to Heizoel24. Many heating oil buyers have secured themselves against rising prices and potential turmoil in the oil market. However, it seems that the recent price drop, which significantly boosted purchase activity above the usual seasonal level, is over for now.
Interestingly, only 24 percent of customers think it's better to buy heating oil now, while 76 percent are convinced that it's better to wait. Heating oil buyers who believe in a further price drop have decreased in number.
The news of a possible meeting between US President Donald Trump and Russian President Vladimir Putin has added a risk premium to the oil prices. Trump warned on Wednesday evening that Russia could face "very serious consequences" if Putin refuses to end the Ukraine war. The specific measures Trump did not specify, but he had previously threatened economic sanctions, including against Russian oil, if the meeting on Friday in Alaska fails.
It's important to note that the search results do not provide specific information about which countries or regions in Germany have heating oil prices above 88 euros per 100 liters on Thursday evening.
In conclusion, the heating oil market in Germany is currently experiencing a period of fluctuation and uncertainty. Keep an eye on our newsletter for the latest updates and insights into this dynamic market.
Read also:
- Upcoming iPhone Model: What We Understand Thus Far
- Advantages of Spinal Alignments in Managing Back Aches
- Ebola epidemic unfolds in Democratic Republic of Congo, causing 15 fatalities and initiating World Health Organization's intervention
- Struggling with water expenses poses challenges for socio-economically disadvantaged households
