Largest 1 day jump in oil price

As we told you on this site in August, nobody in the northern hemisphere is using heating oil in summer, so it was not surprising the price of oil slumped to below $100 a barrel last week amid fears of a world trade slowdown and low demand. However, yesterday saw the biggest one-day jump in the price of oil, going up by over $16 to finish at more than $120 a barrel, the biggest one-day jump ever recorded.

It is thought the price rise is a mixture of the USA promise to sort out their financial banking problems, and thereby helping the economy, and the imminent increase in demand now that the winter period of high usage is on its way. Meanwhile, the clean-up operation in the wake of Hurricane Ike has all added pressure to the US supply of crude.

UK consumers worried about paying their heating bills this winter need to look at fuel economies now and install energy efficient measures. These include lagging lofts and pipes, which can save around 20% on the winter fuel bill. Installing a computerised boiler control system, like HeatingSave, can save you even more and provide positive feedback via the PC software of exactly how much its costing to heat you home or business. A Heating Save boiler control system can reduce energy consumption by between 10% and 30%, drastically cutting the cost of heating bills whilst still keeping everyone warm. Ideal for those who want to know “how can I cut my heating costs this winter?”