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Old 05-09-2010, 07:28 AM
 
Location: bellmore
326 posts, read 381,967 times
Reputation: 115
Default Home heating oil on long island - nassau county

I need home heating oil over 500 gallons does anyone know the price because the price of the barrel is down to $ 75 ...also is there a tax on oil now ?? I have not bought oil since last year ...
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Old 05-09-2010, 10:22 AM
 
Location: Glen Cove
29 posts, read 62,935 times
Reputation: 14
Tax comes off June 1,good cash price around $2.55.
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Old 05-09-2010, 10:58 AM
 
9,343 posts, read 16,394,005 times
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The wholesale price of heating oil was $2.07-95/100 at the end of Friday's (May 7) trading.

Heating Oil futures will allow you to monitor the wholesale price.

By the way, more often than not, it's the price of gasoline, heating oil and other distillates that determines the price of crude oil, and not vice versa.
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Old 05-09-2010, 07:50 PM
 
Location: bellmore
326 posts, read 381,967 times
Reputation: 115
Quote:
Originally Posted by Walter Greenspan View Post
The wholesale price of heating oil was $2.07-95/100 at the end of Friday's (May 7) trading.

Heating Oil futures will allow you to monitor the wholesale price.

By the way, more often than not, it's the price of gasoline, heating oil and other distillates that determines the price of crude oil, and not vice versa.
do you think it is worth it to wait till june ????
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Old 05-09-2010, 08:51 PM
 
Location: Tri-State Area
2,922 posts, read 2,984,942 times
Reputation: 1744
Quote:
Originally Posted by ar1458 View Post
do you think it is worth it to wait till june ????

Yes, the economy is on shaky footing, inventories are burgeoning, europe is a mess....dollar is strengthening....demand is not there...unemployment is rising....oil should continue to decline $80+ oil is not sustainable in near term.
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Old 05-13-2010, 11:14 AM
 
9,343 posts, read 16,394,005 times
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Quote:
Originally Posted by ar1458 View Post
do you think it is worth it to wait till june ????

If it is of any help to you, here's a quick look-see at what's happened to prices and price relationships in the domestic petroleum markets in the last two months, since March 12:

After a period, of first a sharp move in the latter part of April (gasoline and heating oil were both up around 20 a gallon; and, crude oil was up $6.00 a barrel) and then an even sharper down move in early May (gasoline declined 33 a gallon; heating oil declined 25 a gallon; and, crude oil declined $11 a barrel), prices, on balance, were mixed, with gasoline lower while heating oil is higher (and, despite "common wisdom", that's the normal seasonal price pattern for this time of the year as the industry has, or should have covered their anticipated gasoline supplies and is gearing up to cover their expected heating oil requirements before the Fall/Winter heating season begins).

Wholesale gasoline prices have decreased 4 a gallon or 2.0%, wholesale heating oil prices have increased 7 a gallon or 3.1%, with the result that the combined product value (gasoline + heating oil) remained virtually unchanged, while the cost of crude oil has decreased $6 a barrel or 6.9%, leading to an increase in the crack spread (the gross operating margin) of $6 a barrel or 51.5%.

At the end of today's (Wednesday, May 12) trading, wholesale prices (gasoline and heating oil is in $/gallon, combined product value, crack spread and crude oil is in $/42-gallon barrel and natural gas is in $/mmBtu) were:

.........................Friday...Wednesday....net ..........%......
........................03/12/10...05/12/10....change...change..

Gasoline...........$2.2550....$2.2104...-$0.0446.....-2.0%
Heating oil.........$2.0940....$2.1591..+$0.0651....+3.1%
Combined Product
Value................$ 92.01....$ 91.97.....-$ 0.04.......0.0%
Crack Spread..+$ 10.77..+$ 16.32....+$ 5.55....+51.5%
Crude oil...........$ 81.24....$ 75.65.....-$ 5.59.......-6.9%

Natural Gas......$ 4.400.....$ 4.284.....- $0.116.......-2.6%


Notes:

[ 1 ] The above calculation of the crack spread (gross refinery operating margin) assumes that each 42-gallon barrel of crude oil yields 25.2 gallons of gasoline and 16.8 gallons of heating oil and other distillates, such as diesel and jet fuel.

[ 2 ] Also, please note that retail gasoline prices tend to be at a $0.75 to $1.25/gallon premium to the wholesale gasoline price as traded on the New York Mercantile Exchange, which would mean that a wholesale price of $2.21/gallon would indicate a retail price of $2.96 to $3.46/gallon, depending on where in the U.S. the retail pump might be located.


Anyone can easily monitor the gasoline, heating oil and crude oil regular session futures prices on the New York Mercantile Exchange (because these prices are available at no charge, they come with a 30-minute delay) by going to:


Gasoline futures prices

Heating oil futures prices

Crude Oil futures prices

And, in case you would like to see, Natural Gas futures prices


You can monitor the electronic over-night session by removing the "=2" from each symbol (example: remove the "=2" from "xrb=2" to get "xrb", the symbol for the electronic over-night price quotes for gasoline).
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Old 05-13-2010, 11:38 AM
 
Location: Strong Island
128 posts, read 197,365 times
Reputation: 40
Do not let anyone convince you where Oil prices are going.
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Old 05-14-2010, 06:35 AM
 
Location: bellmore
326 posts, read 381,967 times
Reputation: 115
thanks to all ...this is a great website ...right now I am rolling the dice and waiting till june for a fill up of oil due to the 2.5 tax being eliminated then...I do this once a year because I have multiple tanks that last all year ...hopefully it works and I will list here what I paid per gallon cash price ..
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Old 05-17-2010, 12:27 PM
 
Location: bellmore
326 posts, read 381,967 times
Reputation: 115
oil per barrel is down to almost $70 ...whole sale heating oil is at 1.99 ...still waiting
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Old 05-17-2010, 01:51 PM
 
9,343 posts, read 16,394,005 times
Reputation: 4209
Quote:
Originally Posted by ar1458 View Post
oil per barrel is down to almost $70 ...whole sale heating oil is at 1.99 ...still waiting :ok:

Be alert that if/when the petroleum complex -- gasoline, heating oil and crude oil -- changes price direction, either from down to up or from up to down, it does so without much warning, being known for making 'V' bottoms when changing price direction from down to up and 'inverted-V' tops when changing price direction from up to down.

Markets that have a relatively inelastic demand, such as the petroleum complex, are known for making such 'V' bottoms and 'inverted-V' tops.
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