Welcome to our daily energy market report on 29/04/2024. We’re here to demystify the market and offer clear insights to help you secure the best rates for your business, with updates as fresh as your morning coffee.
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.
Day Ahead Wholesale Energy Market Prices for 01/05/2024
01/05/2024 | Today (Open) | Yesterday (Close) | Last Week (Close) | Last Month (Close) | Last Year (Close) |
Gas (pence per therm) | 70.50 | 69.00 | 73.78 | 68.48 | 86.95 |
Electric (£ per MWh) | 61.50 | 64.40 | 74.75 | 69.75 | 92.00 |
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.
Looking Forward with Month Ahead Power for June 2024
June 2024 | ||
Month Ahead Power | Today (open) | Yesterday (close) |
Gas (pence per therm) | 73.20 | 74.31 |
Electric (£ per MWh) | 64.49 | 67.00 |
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.
In-Depth Analysis of Today's Gas and Power Energy Market Report - 01/05/2024
Today’s Market Movement:
The NBP Day Ahead (DA) contract mirrored movements seen in its continental counterpart during recent trading sessions. Yesterday, it concluded at 77.3p/th, showing a slight uptick from Wednesday's close of 75.8p/th. It ended with a modest increase of 0.6p/th compared to the TTF DA.
Supply Dynamics:
Supply from Norway to the U.K. remained consistent compared to the previous day.
Maintenance activities at the Oseberg and Ormen Lange gas fields are nearing completion today, potentially resulting in increased gas flows.
However, maintenance at the Troll gas field is scheduled to commence on Saturday, April 27, with an anticipated reduction in supply of about 43mcm/d. The actual impact on flows might be approximately 25mcm/d, but its specific effects on the U.K. or continental Europe are still uncertain.
Demand Outlook:
Total gas demand in the U.K. is expected to decrease by 44mcm/d today, attributed to warmer temperatures and higher wind speeds. This significant decline in demand is likely to drive down gas prices.
Market Projection:
With maintenance work gradually wrapping up and a sharp drop in anticipated demand, the market is poised for lower prices in the short term. However, the upcoming maintenance at Troll introduces some unpredictability to market dynamics.
Simplified Summary:
The NBP DA contract experienced a slight price increase yesterday, aligning with trends observed in the European market. Norwegian gas supply remained steady, with maintenance activities nearing completion. Nonetheless, upcoming maintenance at Troll may introduce some uncertainty. Conversely, declining demand due to improving weather conditions is expected to contribute to lower market prices.
Oil Market Update: A Look at Today's Oil Prices - 01/05/2024
Recent Price Movements:
Oil prices experienced a decline yesterday, coinciding with the expiration of the June contract. The ongoing meeting of the US Federal Reserve, halfway through deliberations on 2024 interest rates, is influencing market sentiment. Potential interest rate adjustments could impact the US economy and the strength of the USD against other currencies. Despite this, oil prices continue to find support from the ongoing conflict in the Middle East.
Summary:
Oil prices dipped as the June contract concluded, while the US Federal Reserve's ongoing discussions on interest rates are shaping market dynamics. Potential rate adjustments could affect the US economy and currency strength. Meanwhile, the persisting Middle East conflict is sustaining oil prices amid uncertainty surrounding ceasefire talks between Israel and Hamas.
Take Control of Your Energy Costs Today
Ready to make sense of the energy market for your business? Get in touch for a free quote.
Get in Touch:
For tailored advice and competitive rates, contact us at The Smart Energy Company.
Phone:Â 0151 459 3388 Email:Â info@smart-energy.uk
Disclaimer:Â This blog provides insights into the market and should not be the only thing you use to make business decisions.
