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Posted: 08/12/2022

Heating Oil Price and Oil Market Information November 2022

Heating Oil Price and Oil Market Information November 2022

Goff Heating Oil Market Price Information for November 2022 including figures on Crude and Exchange Rate moves.

Brent Crude Dated ($ per Barrel)

Price at Start of Month: $94.78                Price at End of Month: $84.29

Highest Price in Month: $101.55              Lowest Price in Month: $80.28

Pound £ to US Dollar Rate $ Exchange Rate FT:

Start of Month: 1.1461                               End of Month: 1.1909

Resulting in a Heating Oil Price (Pence Per Litre) Monthly range: 10.50 ppl

Market Commentary on the Newsfeeds:

Oil Market Report - November 2022 – Analysis - IEA

Highlights of the IEA November report:

  • * Demand growth will slow to 1.6 mb/d in 2023, down from 2.1 mb/d this year, as mounting economic headwinds impede gains. The GDP outlook has worsened and 4Q22 global oil use will contract (-240 kb/d) compared with last year. China’s persistently weak economy, Europe’s energy crisis, burgeoning product cracks and the strong US dollar are all weighing heavily on consumption.

  • * World oil supply rose 410 kb/d in October to 101.7 mb/d but is forecast to fall by 1 mb/d for the remainder of the year as OPEC+ cuts and an EU ban on Russian crude come into effect. Annual growth of 4.6 mb/d this year is set to boost global production to 99.9 mb/d. Modest gains of just 740 kb/d in 2023 will push supply to 100.7 mb/d.

  • * Global refinery throughputs in October fell by 500 kb/d m-o-m to 80.4 mb/d, with a 1.1 mb/d decline in the Atlantic Basin partly offset by higher runs East of Suez. New refinery capacity coming online will go some way to offset potential losses from Russia. Refinery runs are forecast to increase by 2.3 mb/d in 2022 and 1.4 mb/d next year. Diesel cracks surged to new records, keeping margins at elevated levels.

  • * Russian oil exports rose by 165 kb/d to 7.7 mb/d in October as shipments to the EU, China and India held up and lower flows to Türkiye were more than offset by increases to yet to be identified destinations. Crude oil exports to the EU crude were 1.5 mb/d, 1 mb/d below pre-war levels. Product exports were down 300 kb/d, to 1 mb/d, including 600 kb/d of diesel. Export revenues rose by $1.7 bn to $17.3 bn.

  • * Global observed inventories fell by 14.2 mb in September as OECD and non-OECD stocks plunged by 45.5 mb and 19.3 mb, respectively, but were partially offset by a surge in oil on the water of 50.6 mb. OECD industry oil stocks declined by 8 mb, while government stocks drew by 37.4 mb. OECD total oil stocks fell below 4 000 mb for the first time since 2004.

  • * In October, North Sea Dated posted its first increase in four months, rising $3.35/bbl to $93.11/bbl as signs of a tight market prevailed over economic uncertainty. Oil prices remain about 30% below their June peak. Brent backwardation weakened slightly while open interest continued to languish near seven-year lows. Freight rates rose on higher exports and as the shift away from Russian barrels increased tension on available fleet capacity.

Additional Oil Market commentary & Market Data available from the BBC here: Market Data

The Office for National Statistics record the price of heating oil and publish monthly updates on the average delivered cost of a domestic delivery of 1000 litres of kerosene in the UK . The information held by the ONS is freely available online and can be found here:  ONS Price of heating oil

To catch up on last month’s oil market report click here:

Heating Oil Price and Oil Market Information October 2022 - Goff Petroleum

Additional Oil Market commentary & Market Data available from the BBC here: Market Data