The dramatic decline in the price of crude oil and products like gasoline and heating oil relieves the consumer in Germany. Like all sectors of the economy, the Oil market from the consequences of the Coronavirus epidemic is concerned, however, explains only a part of the violent price movements. Because on the world market for crude oil with a discount battle broke out.
Russia and the oil-producing cartel Opec not to pull together, but have quarrelled. Saudi Arabia as a key Opec country has reduced its production of high-and expresses large quantities of crude oil in the market. The price effect lowering. Russia keeps up, it comes to an Oversupply.
Massive demand destruction due to Corona-crisis
On the demand side, there was at the beginning of the year, Concerns about the economy and then the Coronavirus came from. China cut back its industrial production, many other countries drove their economic performance. Cars remained in the Garage, the planes on the ground. “Because of the Coronavirus crisis, the strongest demand destruction is taking place currently since the great financial and economic crisis”, commented experts of Commerzbank.
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a Lot of supply and little demand have triggered an unprecedented price drop. The world market price for crude oil on all varieties across the reduced from just under 69 dollars per barrel (159 litres) at the beginning of January to just $ 26, so approximately two-thirds.
For the North sea Brent crude, which plays on the European market an important role, it looks similar to: from 70 to 27,40 dollars. The market is a far larger decline than for other commodities or in the stock. You have to look very far back to find similar prices, about 17 years. db Oil price Brent 24,54 USD -1,90 (-7,19%) OTC
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price of heating oil is rising even in
and so are all the products for the consumers cheaper, the are made from crude oil. The price for heating oil decreased the data of the measuring devices manufacturer Tecson, according to its year high of 71.20 euros in the first week of January and is now 57,20 Euro in the national average (for 100 litres of the purchase of 3000 litres, incl. VAT). The price has risen again recently, in the meantime, he was still a few euros lower. Also big regional differences of up to ten euros are observed, especially between the North and the South of Germany. Heating oil price comparison here you will Find the cheapest heating oil suppliers
Background the high demand for heating oil triggered by the low prices, and perhaps also of the Coronavirus-is fear. “The entire trade regrets, Yes, there is currently no better prices”, says the fuel oil broker Josef Weichslberger. “The prevent to the still extremely high demand and completely exhausted storage and delivery capacity. The delivery times are in many places ten to twelve weeks.“ This keeps the prices up. In fact, oil cost about as much as in the case of a crude oil price of 55 dollars per Barrel. Since air is still down.
More on this topic here: Oil – and-gas prices in free fall: Who now saves 500 euros and who even pays for it
taxes are preventing even stronger fall in prices at the gas station
For car drivers, it is in Germany, it can be significantly cheaper. “In the Wake of the fall in Oil prices, the fuel prices have dropped greatly,” reported Alexander von Gersdorff, a spokesman for the mineral oil industry Association (MWV) in Berlin. Gasoline (Super E5) cost per litre and 18 cents less and was most recently the national average at around 1.27 to the Euro. Diesel fell by an average of 20 cents to 1.12 euros per litre.
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That the prices have not gone back even stronger, there is considerably on the high-tax share of around two thirds. Thus the petrol prices are around there, where you can listen to, given the price of crude oil should be.
gasoline hamsters, according to ADAC by the way superfluous, because the supply is secured. It is also prohibited and dangerous: no one is allowed to store more than 200 litres of Diesel or 20 litres of petrol in his Garage.
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