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Monthly Gas and Power Market Update: 01st November - 01st December 2023


Welcome back to our monthly gas and power market update! The period from 01st November to 01st December 2023, saw substantial fluctuations in both gas and electricity prices. Let's delve into the specifics.

Infographic showing Monthly Wholesale Market Update with a date range from 01/11/2023 to 01/12/2023, displaying a 14.59% increase in the Gas Market and a 60.00% increase in the Electric Market, with upward arrows indicating the rise, against a blurred background with the logo of Smart En. Co. at the center.

Energy Monthly Market Update: November 2023 - A Comprehensive Review


In November 2023, the UK gas and electricity markets exhibited significant fluctuations, with both markets showing diverse trends over the course of the month. The data provided offers a detailed insight into these dynamics.

Key Insights:

Gas Market Movements:

  • Start of the Month: The gas market opened at 92.50p/th on 1st November and experienced a general uptrend throughout the month.

  • Mid-Month Variability: Notable fluctuations were observed mid-month, with prices dipping to 95.00p/th on 13th November before climbing back to 109.00p/th by 14th November.

  • End of the Month Trends: Towards the end of November, the market showed a slight downtrend, falling to 104.75p/th on 17th November but then gradually increasing to close at 109.00p/th on 30th November. The opening price for December was 106.00p/th.

Electricity Market Movements:

  • Beginning Trends: The electricity market started at £68.75/MWh on 1st November, showing an upward trend in the initial days.

  • Mid-Month Surge and Decline: A significant spike was observed on 3rd November with prices reaching £125.00/MWh, followed by a variable trend with a general downward movement.

  • Late-Month Stability and Drop: Towards the end of the month, the prices stabilised around the £90.00 - £110.00/MWh range, with a notable drop to £68.75/MWh on 30th November.

Overall Market Analysis:

  • The gas market showed a general upward trend with periods of volatility, particularly in the mid-month.

  • The electricity market exhibited more pronounced fluctuations with a significant mid-month spike and end-of-month decrease.

  • These trends highlight the sensitivity of both markets to external factors such as weather conditions, supply dynamics, and geopolitical developments.

In conclusion, November 2023 was a month marked by volatility and diverse trends in the UK gas and electricity markets. The data underscores the need for market participants to remain vigilant and adaptive to the dynamic market conditions.

Energy Market Forecast: December 2023 - Anticipating the Trends Ahead

Summary: As we move into December 2023, forecasting the trends in the UK gas and power markets requires a careful analysis of various influencing factors. Given the volatility observed in November, a cautious approach is necessary to predict the potential movements in the upcoming month.

Key Forecasts:

  1. Gas Market: Expect continued volatility with a focus on winter heating demand, LNG supply dynamics, and geopolitical influences. Monitor for any spikes due to cold snaps or supply disruptions.

  2. Electricity Market: Anticipate increased demand due to colder weather and shorter days. Renewable output and its impact on gas-powered generation will be key factors to watch.

In essence, December's market dynamics will be shaped by seasonal trends and external factors, with both gas and electricity markets potentially facing upward price pressures.

graph to show wholesale market movements over the last month

Oil Market Summary for November 2023

The crude oil market in November 2023 experienced notable shifts due to a blend of geopolitical events, economic data, and OPEC+ decisions. Prices initially eased with reduced concerns over Middle East tensions and increased output from OPEC and the U.S. However, rate decisions by the U.S. Federal Reserve, along with mixed Chinese economic data and fluctuating dollar strength, influenced market movements. The month saw Brent crude prices oscillating between $87.41 and a low of $77.42 a barrel, reflecting the market's sensitivity to various global factors.

Forecast for the Upcoming Month

December 2023 may witness continued volatility in oil prices. OPEC+ meetings and decisions on production cuts will be key, especially against the backdrop of geopolitical developments and economic indicators from major global economies. The market's reaction to OPEC+'s recent agreement on output cuts, as well as ongoing global economic conditions, suggest a cautious approach in anticipating future trends.


Snapshot of wholesale market movements

Table displaying UK Day Ahead energy prices comparing gas in pence per therm and power in pounds per MWh for 01/12/2023 with previous month and year, showing monthly and annual changes in both value and percentage.

Energy Market Averages


GAS (pence per therm)

ELECTRIC (£ per MWh)

Last 7 Days



Last Month



Last Year




Last 12 month market movements

graph to show last 12 month wholesale market movements


Understanding the energy market can be complex, but it's crucial for making informed decisions about your energy needs. That's where we come in. At The Smart Energy Company, we're committed to helping you navigate the energy market with ease. Whether you're looking to renew your energy contract or switch providers, we're here to help.

Don't miss out on potential savings and better energy deals. Get in touch with us today at 0151 459 3388 for your free energy quote. Let us help you power your future

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