A slowdown in expected demand for oil products has led to falls in crude prices recently, which could mean further fluctuations in the price of heating oil. While prices had risen slightly at the end of the last trading week, warnings that the traditional summer upswing in fuel sales as more people take to the roads may not materialise due to higher prices caused a fall in crude costs.
This was reflected in the price of a gallon of heating oil, which fell by one per cent on Tuesday, while the UK oil industry warned newly proposed taxes on firms operating in the North Sea would be an added burden for companies. Further volatility was caused by uncertainty in the currency markets following the arrest of the head of the International Monetary Fund Dominique Strauss-Kahn in New York at the weekend.
Meanwhile red diesel continues to be a valuable target for thieves, along with heavy machinery, with reports stating that farmers in Essex have been forced to turn to private security firms to protect their stockpiles, while the county continues a drive to encourage rural homeowners to make their properties more energy efficient.