Heating oil prices in New York—and elsewhere–will always ebb and flow because lots of factors come into play. Everything from the weather to global politics can influence the energy markets and the cost of heating oil. Although they are related, it’s important to remember that heating oil will not move the same way as gasoline prices.
Supply and demand is one factor affecting price, but almost as often, we see big hedge funds trade commodities contracts, which can dramatically push prices up and down regardless of supply or demand. It happened in the Summer of 2017, when Hurricane Harvey caused refineries to shut down briefly in Texas. There was market speculation about supply, even though it wasn’t an issue.
Knowing what drives the price of heating oil, and that it’s more complicated than competition between dealers, or simply supply and demand, will help you make smart choices and understand the value Westmore delivers. There’s no way to control oil prices, but we offer ways to help give you a bit more certainty.
Our storage terminal means we can buy in quantities that let us guarantee supply. And we provide a range of pricing plans that help protect you from big price spikes. It’s part of the Westmore Fuel advantage.
After the oil embargo in 1974, we made a commitment to always have a reliable supply of fuel for our customers. In 1982, we made our first investment toward that goal, buying a bulk fuel terminal. Soon after, we purchased a 1.2-million gallon marine storage terminal in Port Chester.
These facilities, combined with strong strategic relationships with our suppliers, enable us to guarantee Westmore customers an uninterrupted supply of fuel and some protection against spikes in the price of heating oil.
Prices will always ebb and flow somewhat. That’s why we offer programs designed to help you save money and keep your heating bills manageable no matter what happens with New York heating oil prices.
Have questions about any of our heating oil pricing plans, or unsure which is the best plan for you? Give us a call and our knowledgeable team can help you understand your options.
If you are a Westmore customer, you can access your online account and view our latest pricing offers.
We believe an educated customer is more confident in his or her choices, and we want you to be confident when you choose Westmore as your heating oil company. That’s why we make it easy for you to stay up to date on the latest New York heating oil prices. We also encourage you to read Westmore’s monthly Heating Oil Price Reports. They provide an overview of trends in the heating oil, crude and natural gas markets to give you a deeper understanding of where prices may be headed.