February is here which means Winter is not over yet! We’ve had some freezing rain and a bit of snow in CT over the past week, and heating oil season seems to be back in full swing, despite a record hot January.
Corona Virus Impacts Heating Oil Prices
A few macro events have affected prices recently, the biggest of which is the Corona Virus that is becoming a global epidemic. Per Bloomberg as of today, the death toll of the Corona Virus has exceeded 805, which is the number of lives that the SARS outbreak claimed in the early 2000s. Fortunately, China has committed $10B to combatting the virus, and the US has installed checkpoints at all the major hotspots where foreigners enter the country.
Meanwhile, global travel has ground to a halt, with virtually all air travel in and out of China on hold. Believe it or not, this has quite a meaningful impact on the global demand for oil, so we’re seeing prices lower than they’ve been all season. FuelSnap prices are ranging in the low-to-mid $2 range, with some areas on Long Island even dipping below $2 this week.
Prices in Long Island have dipped as low as $2/gallon recently.
FuelSnap in The News
We had some exciting press coverage this week, where Joe and I were featured on the cover of the CT Post, New Haven Register, and the Danbury News Times (maybe elsewhere too?). I will write an additional blog post covering this article so you can read it start-to-finish, as some of these sites require a subscription to read the article.
Going into Valentine’s Day week, we’re continuing to add dealers to the FuelSnap network. Just this past week, we’ve added dealers in the central/coastal CT area, Suffolk County, Long Island area, and Portland, Maine area. We’ve got great coverage now throughout most of the Northeast and folks are loving the convenience of ordering through the platform. Lots to come in the coming months, so stay tuned!