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Daily Energy Market Report & Business Rates | Smart Energy Co

Good morning! Here is your daily energy market report for 28/05/2024. Our goal is to provide you with clear and concise insights to help you secure the best rates for your business. Stay informed with our up-to-date market analysis and trends.

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Today's Energy Prices at a Glance: A Straightforward Comparison

We lay out today's energy prices clearly, showing how they compare to yesterday, last week, last month, and last year. This data helps you see the direction of Day Ahead market prices.

snapshot of wholesale energy prices compared to last week, month and year

Day Ahead Wholesale Energy Market Prices for 28/05/2024


Today (Open)

Yesterday (Close)

Last Week (Close)

Last Month (Close)

Last Year (Close)

Gas (pence per therm)






Electric (£ per MWh)






The Day Ahead prices provide a snapshot of energy costs for the immediate future, capturing the pulse of the market in real-time. These figures are a barometer for the short-term trends that could affect your energy expenses, influenced by a multitude of factors from supply chain adjustments to sudden changes in demand. Keeping an eye on these can help you anticipate and plan for the cost of your energy needs tomorrow.


In-Depth Analysis of Today's Gas and Power Energy Market Report - 28/05/2024

Today's Market Movement:

The National Balancing Point (NBP) Day Ahead (DA) price closed at 82.75p/th on Friday, a decrease of 3.75p/th from the previous session. This drop follows an eight-day streak of price increases, with levels last seen at the start of the year.

Factors Influencing Prices:

  • Improved Renewable Outlook: The improved outlook for renewable energy has contributed to a looser UK balance, reducing the pressure on gas prices.

  • Increased Supply from Norway: An increase in gas supply from Norway has also contributed to the lower prices, providing additional supply to the market.

  • Profit-Taking: After several days of high trading driven by concerns over OMV, some profit-taking occurred, contributing to the price decline.

  • Storage Injections: The market is currently balanced by necessary injections into storage to manage the oversupplied system.

  • Easing Maintenance Schedule: Norwegian imports remain steady, supported by an easing maintenance schedule, further stabilising supply.

Price Settlements:

  • NBP DA Contract: Fell by 3.75p/th to settle at 82.75p/th.

Market Outlook:

The outlook for today suggests continued weakness due to the improving fundamentals. The market remains comfortable with steady Norwegian imports and the need for storage injections balancing the oversupplied system. However, potential extensions to unplanned outages affecting UK Continental Shelf (UKCS) domestic production could impact the DA prices. Additionally, non-fundamental news drivers may continue to influence the market.

Looking Forward with Month Ahead Power for June 2024

June 2024

Month Ahead Power

Today (open)

Yesterday (close)

Gas (pence per therm)



Electric (£ per MWh)



Understanding Market Prices: Day Ahead vs. Month Ahead

Knowing the difference between Day Ahead and Month Ahead prices can help you make better decisions for your business. Day Ahead prices tell you what you'll pay for energy tomorrow, and they change based on the day's events, like the weather or unexpected power plant shutdowns. Month Ahead prices are estimates of future costs, considering things like long-term weather predictions and global events.


The NBP DA prices decreased to 82.75p/th on Friday, following a period of sustained price increases. The decline is attributed to a looser UK balance due to improved renewable energy output and increased Norwegian supply, as well as profit-taking. The market outlook remains weak given the improving fundamentals, though unplanned outages and non-fundamental news could still impact prices.


Oil Market Update: A Look at Today's Oil Prices - 28/05/2024

Today's Market Movement:

Oil prices rose over 1% on Monday in muted trade due to public holidays in Britain and the U.S., following a downbeat week influenced by concerns over U.S. interest rates amid persistent inflation. The Brent crude July contract increased by $1, or 1.2%, settling at $83.12 per barrel. The more actively traded August contract rose by $1.04 to settle at $82.88. WTI crude futures increased by 93 cents to settle at $78.65 per barrel.

Factors Influencing Prices:

  • Interest Rate Concerns: Last week, Brent crude lost about 2% and WTI nearly 3% after Federal Reserve minutes revealed that some officials were open to further interest rate hikes if necessary to control inflation. This outlook weighed on the market.

  • Central Bank Policies: On Monday, key European Central Bank (ECB) policymakers indicated that while the ECB has room to cut interest rates as inflation slows, they must proceed cautiously in easing policy. This commentary provided some support to oil prices.

  • Public Holidays: Trading volumes were muted due to public holidays in Britain and the U.S., which typically leads to less market activity and can result in more pronounced price movements.

Price Settlements:

  • Brent Crude July Contract: Increased by $1, or 1.2%, to settle at $83.12/barrel.

  • Brent Crude August Contract: Rose by $1.04 to settle at $82.88/barrel.

  • WTI Crude Futures: Increased by 93 cents to settle at $78.65/barrel.

Market Outlook:

The market remains influenced by concerns over interest rate policies in both the U.S. and Europe. While the rise in oil prices on Monday suggests some optimism, the broader outlook remains cautious due to the potential for further interest rate hikes by the Federal Reserve. Additionally, the ECB’s careful approach to easing policy will be closely watched. The muted trading activity due to public holidays may lead to more volatility as markets resume normal activity.


Oil prices rose over 1% on Monday amid light trading due to public holidays in Britain and the U.S. Brent crude July and August contracts, as well as WTI futures, all saw gains following a week of losses driven by concerns over U.S. interest rate hikes. Commentary from ECB policymakers about the potential for rate cuts provided some support, although the market outlook remains cautious with ongoing inflation concerns and central bank policies in focus.


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Disclaimer: This blog provides insights into the market and should not be the only thing you use to make business decisions.

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