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Posted: 02/11/2020

Monthly Oil Market update October 2020

Goff Heating Oil Market Price Information

Oil Market, Exchange Rate and Heating Oil Price Information October 2020.

Brent Crude Dated ($ per Barrel)

Price at Start of Month: $38.85                Price at End of Month: $36.26

Highest Price in Month: $42.02                Lowest Price in Month: $36.26

Pound £ to US Dollar Rate $ Exchange Rate FT:

Start of Month: 1.2867                              End of Month: 1.2930

Kerosene (Heating Oil) Cargo Price $ per tonne       

Start of Month: $297.75                                           End of Month: $302.50

Highest Price in Month: $337.75                            Lowest Price in Month: $297.75

Resulting in a Heating Oil Price (Pence Per Litre) Monthly range: 2.25 ppl


Market Commentary:

A month of relative price stability given the influences of COVID, OPEC + and the US Elections.

Oil Prices Are Unlikely to Collapse Again

by Tsvetana Paraskova on

Second Pandemic Wave Should Not Crash Oil Prices

by Michael Lynch For Forbes

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

Weather Update:

Our weather watcher has collated the data for October 2020 which in summary shows;

On average the UK temperature in October was 9.4°C which was slightly higher than the average in October 2019 of 9°C but lower than the ten year average for October of 10.07°C.

There was also less sunshine than usual with a total in October 2020 of 66 hours compared to 87.9 hours in October 2019 and a ten year average for October of 91.05 hours.

October 2020 was also wetter than normal with 179.3mm of rain compared to 138.8mm in October 2019.  Total rainfall in October 2020 was well above the ten year average for October of 113.44mm.