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Old 11-29-2012, 02:00 PM
 
3 posts, read 6,609 times
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Hi all,

I'm just looking to get some input as to what folks with oil heat are doing for the winter with regards to oil delivery. We just moved to the area (North Stamford), and we aren't sure whether we should lock in a rate or just go with a floater. Granted, oil markets are completely speculative (and to the effect-- to each his own), but I'm just curious what my neighbors are thinking. Thanks!
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Old 11-29-2012, 02:48 PM
 
48 posts, read 87,709 times
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Check with different companies but you can also look for a capped price. You lock in at a price and if the price drops you pay that price, but NEVER more than your agreed upon capped price. Usually there is small insurance fee you pay. I paid rough 80 bucks for it I think, but it just gives you added piece of mind.

Some folks prefer to just buy it when they need it and that works too, just depends if you are a gambler and what your comfort level is.
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Old 11-29-2012, 04:11 PM
 
Location: Near the Coast SWCT
79,242 posts, read 66,778,520 times
Reputation: 15057
Quote:
Originally Posted by Oleefka View Post
Hi all,

I'm just looking to get some input as to what folks with oil heat are doing for the winter with regards to oil delivery. We just moved to the area (North Stamford), and we aren't sure whether we should lock in a rate or just go with a floater. Granted, oil markets are completely speculative (and to the effect-- to each his own), but I'm just curious what my neighbors are thinking. Thanks!
Winter would never be the best time to lock in a rate but seeing how prices have dropped lately I might suggest to do so. Dont ever pay a fee to lock it. I'm not on a lock or cap since I only fill once a year and I kept debating to fill it over the Fall but looking at my gauge I might go over 12 mths without a fill so I'm thinking a Spring fill up.. Havent used a drop of oil this year for heat yet so we'll see. Call around and get their prices but remember they fluctuate day to day. Try Piro, they are local and have the best prices (they claim)
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Old 11-30-2012, 07:35 AM
 
48 posts, read 87,709 times
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Yeah I think if you are a once a year fill like above, pay as you need is the way to go. When its your only heat source and you need maybe 2+ fills per year its another story. But again it goes back to how much of a gambler you are.
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Old 11-30-2012, 09:12 AM
 
240 posts, read 509,082 times
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A price lock is nothing more than a hedge against an increase in oil prices. It will cost money not matter how it is administered.
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Old 12-06-2012, 09:33 PM
 
680 posts, read 1,485,303 times
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Quote:
Originally Posted by gtmo View Post
A price lock is nothing more than a hedge against an increase in oil prices. It will cost money not matter how it is administered.

Unless you know something the market doesn't which I assume you don't. If you do, you are already a billionaire and should not care about the potential savings of fix vs floating anyway.
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Old 12-07-2012, 02:37 PM
 
Location: Apex NC
547 posts, read 733,897 times
Reputation: 290
anyone want to post how much they're paying for oil right now? My most recent oil delivery on 12/3 was $3.87/gallon...seem high?

Last edited by pjnugget; 12-07-2012 at 02:37 PM.. Reason: wrong name
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Old 12-07-2012, 03:22 PM
 
833 posts, read 1,548,520 times
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Quote:
Originally Posted by pjnugget View Post
anyone want to post how much they're paying for oil right now? My most recent oil delivery on 12/3 was $3.87/gallon...seem high?
This might be helpful, pj:

Weekly Connecticut No. 2 Heating Oil Residential Price (Dollars per Gallon)
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Old 12-07-2012, 04:49 PM
 
Location: Near the Coast SWCT
79,242 posts, read 66,778,520 times
Reputation: 15057
Quote:
Originally Posted by Lintu View Post
Nice link. Bookmarked. Thanks. Funny seeing prices under $1 in the 90s,
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Old 12-07-2012, 05:31 PM
 
Location: Branford
1,395 posts, read 1,371,486 times
Reputation: 468
Oil is the most expensive way to heat. Install a wood stove or pellet stove. Home Depot and Lowes had pellets for $180 a ton a few months ago. That would make a pellet stove, at that price almost %70 cheaper for the same amount of heat.

Comparing the Cost of Heating Fuels Type of Energy

BTU/unit Adj Effic $/unit $/MMBtu

Fuel Oil, gallon 138,200 80% $3.80 $34.37
Kerosene, gallon 136,600 80% $4.20 $38.43
Propane, gallon 91,600 80% $2.96 $40.39
Natural Gas, therm 100,000 80% $1.54 $19.31
Electricity, kwh 3,412 100% $0.15 $43.46
Wood, cord (green) 60% $190.00 $14.39
Pellets, ton 16,400,000 80% $247.00 $18.83
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