Following sharp increases since last summer, crude oil has topped $70 a barrel for the first time since 2014. The growth of global oil demand has contributed to upward price pressures. The United States Energy Information Administration estimates that global oil consumption in the first quarter of 2018 was 1.9 million b/d higher than the first quarter of 2017’s consumption. Naturally, sharply increased exports result in a significant hit to supply levels.
Further, President Trump withdrew from the 2015 nuclear pact with Iran earlier this month. The U.S. plans to reimpose economic sanctions on the country, which will continue to influence the crude trade.
>> Learn more about how supply, demand and geopolitics drives the price of oil here.
According to the EIA, the U.S northeast region represents almost 85% of total U.S. residential heating oil sales – and many homes use wood pellet fuel as a heating supplement.
Oil pricing is partially responsible for northeastern wood pellet demand because when the price of oil increases, consumers tend to lean more on pellets for heating.
Will the 2018 oil price increase affect your wood pellet purchase decision for the ’18-2019 heating season?
Take care of your Woodpellets.com order now, but choose your own delivery month by calling 1-800-PELLETS or ordering online at www.Woodpellets.com!
Did you know that you can select multiple products to add to your Woodpellets.com shopping cart?
To “mix and match” your order, simply choose the first brand and the number of tons you’d like from your zip code’s gallery. Once it’s added to your cart, select the Continue Shopping button that will appear on a pop-up box. You’ll be directed back to the gallery, where you can select another type of fuel. Continue this until you’re ready to view your cart, make any changes, select your delivery type and check out.
>> Bonus: For a limited time, you can choose your delivery month too! Take care of your pellet fuel order now to lock in current pricing, but you tell us when you’d like us to deliver by selecting your desired month from the dropdown menu!
Why did we add the mix and match feature? Over the years, we have noticed a growing trend of burning pellets with a higher heat output during the coldest months of the heating season, and burning pellets with a lesser heat output (and a typically lower price tag) in the early season and late season months.
Not only are there significant heat output differences between hardwood and softwood wood pellets – but the ash content is much different as well. Hardwood pellets tend to produce more ash than softwood pellets – which makes for more cleaning and upkeep. Therefore, this burning strategy is also a perfect opportunity to learn which kind of pellets are the best fit for your home heating needs, your budget, and the amount of ash cleanup you’re willing to deal with.