Massachusetts - freezing cold temperatures drove heating oil prices higher in mid-January, but lower wholesale stock prices during the month left prices from January 5, 2010 to February 5, 2010 relatively unchanged. The biggest winners were home owners purchasing oil at cash prices late in the month, paying up to $0.50 per gallon less than those who locked in at just under $3.00 per gallon last fall.
With Punxatawny Phil seeing his shadow on Feb. 2nd, New Englanders have settled in for at least six more weeks of winter. Average size home owners should be able to get by with one tank of oil or less at whatever price they are paying today.
If current market trends continue, those who heat with oil may see even lower oil prices in the spring of 2010, (if the economy does not pick up and industry demands for fuel remain low).
Oil customers are advised to monitor prices and related economic new and educate yourself so you can be prepared by mid to late summer to decide if you should lock-in or pay daily cash price, ("will call"), for heating oil in the upcoming 2010-2011 winter heating season.