Impact of the Yemeni attack on the international oil market and heating oil prices in Germany. Analysis and forecast.

Impact of the Yemeni attack on the international oil market and heating oil prices in Germany. Analysis and forecast.

According to a report by www.esyoil.com, shipping passage through the Red Sea remains risky due to recent attacks by Houthi rebels, causing oil prices to start slightly firmer after the holidays. Shipping companies had announced that they wanted to use the short route between the Gulf of Aden via the Red Sea and the Suez Canal into the Mediterranean more again. However, the renewed attack could cause shipping companies to rethink their plans. The security of shipping in the region will depend heavily on how much the U.S. Navy and its partners can achieve. Market participants are also worried about a possible escalation of the situation between the USA and Iran. In addition, positive economic data from the USA is supporting oil prices, as analysts expect the first interest rate cut as early as March. Brent is back above $80 while WTI is holding above $75 a barrel.

The fixed oil prices on the international market support domestic heating oil prices, which is why the current heating oil price trend shows an average price of around 107.70 euros per 100 liters. The increased CO2 tax applies from January 1st and is already largely priced in, which leads to a medium willingness to buy heating oil. According to the daily reader assessment, 67 percent of those surveyed expect prices to fall. However, if you still have enough heating oil in your tank for this winter, you don't need to rush into anything and can monitor further price developments at the beginning of the year.

Given the uncertainties on the international market and the changes in national energy policy, it is crucial that everyone involved develops consumption-reducing measures and behavior in order to be fit for the future.