Most people who reside in Northern Ireland generally don’t have access to natural gas. During the winter, temperatures tend to fall rapidly in Northern Ireland. The natural gas network in the country is still vastly underdeveloped, and only a few cities in Northern Ireland have a consistent supply of natural gas. Due to this, millions of people in the country generally use home heating oil in order to power their heaters and boilers. Home heating oil is extracted from crude oil and generally burns at a much lower pace as compared to ordinary oil.
There are several companies in the country that supply home heating oil to households and business owners. A list of home heating oil prices can be found on several websites if you are interested in placing an order. One important thing that you should know before placing an order is that the prices of home heating oil generally tend to vary from time to time. There are several factors that have a direct impact on these prices. Here are some of the major factors that influence the prices of home heating oil:
Crude Oil Prices
As you may know, home heating oil is extracted from crude oil. Therefore, companies that refine and supply home heating oil generally have to set their prices depending upon the price at which they get crude oil. The crude oil prices fluctuate rapidly in the international market. The prices generally rise at certain times through the year and fall depending upon the supply and demand. The prices of crude oil generally have the biggest impact on the prices of home heating oil.
Exchange Rates
All international trading of crude oil is generally done in dollars. Therefore, the exchange rate between the Euro and the dollar also has an impact on the prices of home heating oil. The foreign exchange market remains open around-the-clock. It is an unregulated market, and currency values continue to fluctuate every second of the day.
Currencies are generally affected by a variety of different factors. Political instabilities, big announcements, upcoming elections, and major international events all have an impact on the value of currency pairs. Given the fact that the Euro and dollar are two of the most prominent currencies in the world, the fluctuations can have a major impact on the prices of home heating oil.
If you are interested in buying home heating oil, you should consider these two major factors before placing an order. There are certain times when the prices might be much lower. You can also order home heating oil in bulk if you want. However, there are strict regulations regarding the storage conditions, so you will have to comply with government regulations before storing the oil in a separate tank. These are just some of the things that you should know about the factors that influence the prices of home heating oil in Northern Ireland.