The oversupply on the global oil market initially remains high. Oil prices are moving sideways, accompanied by slight fluctuations. According to the EIA, around 10.1 million barrels a day (B / T) find no buyers in the current month. In its current monthly report, the US energy agency also assumes that the OPEC cuts in April were only 4 million B / T compared to the previous month. There is a huge gap to the 10 million B / T that the OPEC + Group would allegedly throttle.
The preliminary data on the weekly development of the oil reserves in the USA also do not show any further upside potential for oil prices. The American Petroleum Institute’s (API) report released last night failed to meet market participants’ expectations that inventories would grow much more slowly than before. The utilization of storage capacities had become an urgent problem in April. This has calmed down somewhat since the stocks are now filling up more slowly, but a turnaround is not yet in sight with the available figures. For a more precise assessment of the situation, traders are eagerly awaiting the official data from the Department of Energy (DOE), which will be presented in the afternoon.
The fact that the EIA now expects the market to recover more quickly has a stabilizing effect on oil prices. For example, it has largely raised its price forecasts for 2020. The agency expects a balanced market as early as June. The prerequisite for this is that the economy picks up after the easing of measures to contain the corona pandemic. A possible second wave of infection remains a risk. Clear indications of this would send oil prices downwards immediately.
Quotes on the oil exchanges start at different levels this morning. West Texas Intermediate (WTI) rose, while Brent remained at a similar level. The barrel of the US crude oil grade WTI currently costs $ 25.52 . The North Sea variety Brent stands at $ 29.44 the barrel. A ton of gas oil becomes $ 241.25 traded. The US dollar is for 0.9217 euros this morning to have. So the euro costs $ 1.0845 . The arrows indicate the change in prices compared to the start of trading on the previous day.
Heating oil prices in Germany continue to expand, as the current heating oil price trend shows. The recently high margins in the heating oil trade continue to decrease. Heating oil customers are delighted to have an average price of 45.50 euros per 100 liters for standard delivery (3000 liters).
The swarm o-meter for heating oil shows that the willingness to buy remains at a very high level. It puts the requests for heating oil in relation to the actually placed orders. In the reader’s assessment, 87 percent expect prices to fall in the future.
The mathematical low price system shows a buy signal in most regions of Germany. According to the esyoil formula, past values for the present are used to determine whether the current heating oil price is particularly cheap. If this is the case, a buy signal is displayed.
A look at price trends encourages consumers to be price optimistic. The charts show downward trends in all short, medium and long-term periods.
The advice to all undecided readers: If you need heating oil, you should order and also pay attention to the longer delivery times. Speculation remains an option, especially in the south of the country, where margins have recently been higher.
In order to make the best use of good buying 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 level of your heating oil tank at any time simply by pressing a button.
What does the federal government’s climate package mean for owners of oil heaters? Here is some information to clear up misunderstandings: Heating with oil remains allowed. Existing systems may continue to run without restrictions. Anyone installing a new oil heater or replacing the old one from 2026 onwards is obliged to choose a device with a regenerative component – for example solar collectors for heating domestic water. additional Information
Incidentally, we believe that we must all develop consumption-reducing measures and behaviors in order to be sustainable.