Heating oil price lock, any good?

Hopefully you did not lock in the price because oil prices have been free falling since your initial post.

chowfun

in Heating 10 years and 7 months ago

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petp | 10 years and 10 months ago

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Was wondering if any people have done a price lock on their heating oil in the past. My current oil company is offering that for the first time (at 3.45/gal) and its based on your average usage for the past two seasons; so if you used an average of 500 gallons in a month, the first 500 gallons delivered are at 3.45, and anything over is at the market price. Seeing how last Jan/Feb i was paying close to $4/gal and theyre forecasting another very cold winter this year, im thinking of doing it. Any suggestions?

daveinbedstuy | 10 years and 10 months ago

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I have done it sometimes in the past, sometimes not (not in brooklyn, in MA and PA). All you are doing is wagering that the price will rise during the winter. Some years it does, some years it does not. Plans differ. Some offer you a lower price after you have locked in if it does actually fall but some do not. When you buy in you know for certain how much your bill will be at most. The contracts I had allowed for you to lock in an entire volume for the heating season. Yours sounds different. Also, with some if you don’t use all that volume at that price, you lose it after May 1, the end of the season. Need more details on your plan

daveinbedstuy | 10 years and 10 months ago

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Plus, prices have fallen over the past month or so. They may continue to do so, they may not. If you think you know for sure you can make a fortune in the oil futures markets.