Our low price isn't just a one-time deal!
As we head into November, the difference between our average member price and the average retail price for non-members, according to state-published surveys of full-service dealers, is often at its lowest point for the entire year. It's from this point through the middle of February where our savings have historically grown just about every year we've been around, which is over 35 years. Expectations going ahead don't point to continued market strength although there may be spot inventory weakness in the middle of winter that could cause a jump in prices for a week or two. Otherwise, prices have remained fairly steady as the usual give and take in commodity futures markets hasn't been as pronounced as usual. Our prices are down from last year and it would appear they're going to stay that way.
How do our prices compare?
Massachusetts' latest weekly price survey of full-service dealers, on Tuesday, November 12 posted an average price per gallon of $2.91, with a high price of $4.60 and a low of $2.35. The average prompt-pay price for our members in Massachusetts that day was $2.62, for savings of 29 cents per gallon on average. After narrowing to its lowest difference in years in late October, our member savings have started to grow, just as most of us have resigned ourselves to the heat being on as a regular daily event. We've seen this happen just about every November for 35 years and this year is shaping up to be no different than any previous year in terms of netting our members savings on their heating oil.
Rhode Island's latest weekly survey price, on Tuesday, November 12, was $2.70. The average prompt-pay price for our members in Rhode Island that day was $2.51, for savings of 19 cents per gallon. After being as close to the survey average in Rhode Island as we ever have been, we've seen our price hold steady or go down a bit while the survey has started creeping higher. We're slowly returning to our 'normal' savings after the Rhode Island survey website was down for much of the summer and when it was reinstituted it mysteriously dropped 20 cents at a time when the wholesale market had gone up. We're thinking they're missing a couple of their higher-priced dealers when they do their survey. None the less, as the weather cools our savings heat up.
And in New Hampshire, the survey for Tuesday, November 5, was $2.77, while our average prompt-pay price there was $2.57, for a savings of 20 cents per gallon.