UK oil prices have fallen to an all-time low since 2004, according to Inenco’s Y report.
Oil is currently trading at $37 (£24.42) per barrel.
That’s because OPEC countries decided “to do nothing” about the oversupply of oil in the global market, said Stuart Lea Head of Energy Trading.
Gas and electricity prices have also fallen as a consequence of lower oil prices.
Mr Lea added: “This means that prices are yet again near all-time contract lows. It must be said though that prices further out haven’t fallen as much as the near prices.”
Customers looking to place flexible contracts will have to “most probably” continue taking risks, said Mr Lea, adding “you should watch prices fall and see if you can get any further gain from it”.
Those who are looking to place fixed price contracts should do it now and “place it for as many years” as they can.
He said: “However you may also want to take a bit of risk, watch prices fall and again see if there’s any further gain to be made.”