Winter 2006 - 2007 Heating Forcast Mixed
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The home heating forcast for 2006–2007 is looking like a mixed bag. The cost to heat a home with natural gas is expected to decrease by 10 percent if the usuage remains the same. Unfortunately, for homes that are heated with heating oil, prices are expected to be 9 percent higher.
The lack of storms and increased production have drastically lowered the price of natural gas and created surplus inventories. Unless there is a late season major hurricane in the Gulf of Mexico, natural gas inventories should hit an all time high further pressuring suppliers to lower the price for the winter season.
Since last year at this time, the price of natural gas at the wellhead has plunged 47 percent, and the wholesale price of home heating oil is down 20 percent. If prices were to remain close to these levels - and if the winter is not overly cold - homeowners could save as much as $250 compared with last year, some energy analysts estimate.
In its September forecast, EIA predicts consumers will pay 10 percent less for natural gas but will see their consumption increase by 7 percent. The result would be a 4.4 percent reduction in spending for 64 million households - about half of all residences that require heating.
The EIA’s estimate for the nation’s 9 million heating-oil customers is not as optimistic. It estimates prices will rise 9.2 percent and consumption will increase 6.2 percent, for a total increase in expenditures of 16 percent.
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Comment by Debbie on 3 October 2006:
When do you predict the heating fuel prices to drop in Maine?the cost of LP is still 27% higher then it was this time last year. #2 oil is still 21% higher and K1 is still 30% higher then last year. I do not see the heating fuel prices going down with the gasoline prices. What’s up with that?
Comment by Tom on 4 October 2006:
My guess after talking with a friend who lives in Maine, you are dealing with a cartel that has a vested interest in keeping the prices high.
Sorry to say that, but that is the information I was given. Maine typically has some of the highest heating fuel prices in the country and prices in NH are typically lower.