Heating fuel demand up 40% in January, power cost a factor

Heating fuel demand in 2021 was 17 percent lower than in the previous year, but, even so, demand for this fuel has been making a strong comeback over the past four months as elevated electricity prices have prompted a greater number of consumers to turn to heating fuel for heating, domestic petroleum sector officials have told energypress.

Demand for heating fuel in January rose by 40 percent, compared to the equivalent month in 2021, while demand for this fuel increased by 58.5 percent between mid-October last year – when heating fuel was made available in the market for this winter season – and December 31, 2021 officials noted.

Petroleum sector officials described the rebound as a clear comeback for heating fuel, despite this market’s 17 percent contraction in 2021.

Heating fuel demand between January and April, 2021 was 30 percent lower compared to the equivalent period in 2020, a year during which heating fuel demand was boosted by exceptionally lower prices.

Heating fuel sales in 2021 totaled 1.04 million metric tons, down from a total of 1.25 million metric tons in 2020.