Norwich is a small city in the state of Connecticut. It has a population of more than 40,000 people, and is commonly known as the “Rose of New England.” It is one of the oldest settlements in the region, having been founded back in 1659. However, since then, Norwich has developed into a bustling city and has also become a very popular tourist attraction. Many houses in Norwich use heating oil in order to keep their homes warm during the winters. There are local companies that distribute heating oil to houses throughout the city. These companies also set the local heating oil prices. For the most part, these prices are affected by the following factors.
International Trade
Norwich, CT heating oil prices are affected by the international trade of crude oil in the markets. When the prices of crude oil fall in the international markets, companies automatically reduce their prices, and vice versa. Therefore, before placing an order, you should check out the prices of crude oil in the international markets. Place an order when the prices are low if you want to save some extra money.
Currency Fluctuations
Most currencies are traded at a floating exchange rate, which means that the prices continue to fluctuate every minute. Heating oil prices are also affected by currency fluctuations, since the United States deals with purchases in terms of US dollars. Another factor that has a serious impact on the prices of heating oil in the region is consumer demand. Companies usually increase their prices as demand increases, so that they can make greater profits. On the other hand, companies tend to reduce the prices when demand falls in an effort to attract more customers by way of discounts and promotions. These are just some of the major factors that you should know about when placing an order for heating oil.
