Given that El Nino and La Nina are now past us, I think we're going to see something closer to a traditional northeastern winter. A colder winter is the last thing homeowners want to hear right now. President Clinton recently authorized the release of 30 million barrels of oil from the country's petroleum reserve, which should help lower oil prices as the thermometers dip. However, Ms. Glover warned that it's hard to make an exact prediction. Heating oil could be at its most expensive price per gallon for the next two months, and the price will probably fall by early December, said Dr. Michael J. Carter, chairman of the economics department at the University of Massachusetts Lowell.
Inventories are quite low in New England.
You still could face some shortages at the home heating oil level. When you look again at the futures market for home heating oil, you see it's predicted to come down. Past November the prices are lower, which means investors think the worst of it is right now. As a result of these predicted prices, people are buying more wood in an attempt to save heating oil by using wood burning furnaces and stoves. We've sold out twice so far this season.