Home Heating Oil Price Forecast for 2020, Middletown CT Area

Each year, the United States Energy Information Administration (EIA) provides a forecast for home heating oil prices for the coming year. The department has recently released its 2020 report, which contains crucial information for homeowners.

As the new year approaches, we encourage you to review the EIA’s report and lock in your 2020 fuel prices with Cromwell Energy, the best heating and air conditioning company in Berlin, West Hartford, Rocky Hill, and nearby CT towns.

The 2020 EIA Home Heating Oil Pricing Forecast: What’s Affecting Fuel Prices?

Winters are notoriously harsh throughout Connecticut, and many state residents depend on heating oil delivery in Middletown, Newington, Glastonbury, and nearby areas to keep warm during the colder months. The EIA’s predictions regarding 2020 heating oil, gas, and biofuel prices can help residents plan ahead for the year to come.

The EIA’s report covers several factors that influence global pricing, including recent damage to the infrastructure of Saudi Arabia, one of the nation’s leading global crude oil and fuel producers. The ongoing civil unrest and economic decay in Venezuela, another top producer of fossil fuels, also continues to influence global fuel prices. Other factors include supply chain disruptions as well as increases in global oil reserve inventories – which offset the supply issues that were prevalent in 2019.

Will Oil Prices Drop?

Ultimately, recent international events have caused problems with the oil supply chain in many countries throughout the world. However, recent economic growth in the United States – and the stabilization of many of the international issues that influenced 2019 prices – has led to a counterbalance. Therefore, heating oil prices are expected to decrease slightly in 2020.

Here’s a quick look at the EIA’s 2020 price predictions for various types of fuel:

• Crude oil from West Texas Intermediate is expected to drop from $56.26 per barrel to $54.43 per barrel.
• Brent crude oil prices will drop from $63.37 per barrel to $59.93 per barrel.
• Gasoline prices will increase by about one cent, from $2.56 per gallon to $2.57 per gallon.
• Diesel price will decrease by two cents, from $3.05 per gallon to $3.03 per gallon.
• Heating oil will drop from $3.01 per gallon to $3.00 per gallon.
• Natural gas prices will decrease slightly, from $10.75 to $10.59 per thousand cubic feet.
• Electricity prices will increase from 13 cents per kilowatt-hour to 13.12 cents per kilowatt-hour.

While these predictions look positive overall, they could change in the face of ongoing international events and global trade market upheavals. Considering the instability of the market, and the fact that 2020 is a presidential election year, a lot could be in flux. However, these predictions provide a good baseline for American consumers to calculate their heating and fuel costs in the coming year.

The 2020 Outlook for Heating Oil Prices in CT

As one of the leading heating contractors in CT, Cromwell Energy strives to provide our customers with peace of mind through our lock-in fuel price plans. The EIA report offers a general outlook for heating fuel oil prices this winter, but a lock-in plan provides additional assurances that you’ll never have to pay more than the current price of heating oil in CT.

Cromwell Energy can lock in your heating oil price through May of 2021 (18 months), ensuring that you will never have to worry about geopolitical instability, or changes in the supply/demand equation!

Lock in Your Home Heating Oil Price Now with Cromwell Energy

Heating oil is an effective and reliable option for keeping your home warm this winter. If you’re wondering where to buy heating oil near Newington, Middletown, Glastonbury, and nearby areas, look to Cromwell Energy. We make it easy by providing timely and affordable heating oil delivery directly to your home. Plus, once we assess your oil needs, we’ll develop a delivery schedule to ensure you have a steady supply of fuel at all times.

We also offer voluntary lock-in price plans, so you can make sure you never pay more than the current price of heating oil in CT. When you opt for one of our lock-in plans, you’ll pay the contract price even if the cost of home heating oil increases significantly. And if the cost of oil decreases, you’ll pay the lower price (for those customers that choose the Cap plan).

The team at Cromwell Energy is proud to offer our Connecticut customers this incredible value. Locking in your heating oil price now can save you hundreds of dollars or more in 2020 and 2021, so contact us today to get started with your lock-in plan! And remember, Cromwell Energy is one the most highly rated heating and air conditioning repair companies in Connecticut, ensuring our customer’s equipment is running efficiently throughout the year.