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UK Monthly Energy Market Review: March 2024 Gas & Power Trends

Monthly Energy Market Overview: March 2024

Welcome to our breakdown of March's energy market in the UK. It's been a month of notable twists and turns, and we're here to unpack it all in terms you can easily understand. So whether you're about to renew your energy contract or simply keeping a tab on the market, we've got you covered.

Monthly Wholesale Market Update banner showing a 0.90% increase in the Gas Market and a 23.44% decrease in the Electric Market, with the Smart En. Co. logo prominently displayed.

Gas Market: The Ups and Downs Explained

Let's dive into the gas market first. We kicked off March slightly down from February's close, with prices at 67.35p/th. The weather threw us a curveball with an early warm spell, nudging prices to a comfortable low of 62.65p/th around mid-month. However, this was short-lived as prices jumped to 75.20p/th by the 19th. Why the spike, you ask? A double whammy of a tight squeeze in the North Sea gas supply coupled with a surge in electricity generation demands, thanks to less-than-ideal wind conditions, sent prices climbing.

Electricity Market: Climbing the Current

Electricity prices began at a steady 69.50 £/MWh. Yet, they ascended alongside the gas market, peaking at 75.00 £/MWh due to the ripple effect of high gas prices and a drop in wind energy output. Thankfully, the month ended on a brighter note, with a dip to 60.50 £/MWh, thanks to the winds picking up again and gas prices easing off a tad.

Decoding the Market Movements

Now, why such a rollercoaster? Here's the simple breakdown:

  • Warmer Weather: This usually means we don't crank up the heating, easing the demand for gas.

  • Supply Snags: Hitches in North Sea gas extraction can cause prices to jitter.

  • Renewables' Role: Less wind leads to more reliance on gas, pushing electricity prices up.

A Picture Worth a Thousand Words

Before we move on, let's talk visuals. Take a look at the attached 6-month wholesale market movement snapshot. It's a revelation compared to last year's figures, with electricity prices down a striking 50.21% and gas prices not far behind with a 49.18% drop. This dramatic year-on-year decline is a stark reminder of the impact of market forces, policy changes, and global events on energy prices.

snapshot of today's energy prices clearly, showing how they compare to yesterday, last week, last month, and last year.

Wrapping Up March

As March bids adieu, it leaves us pondering the market's fluctuations. From the gas market's final uptick to the electric market's overall decline, it's been an intriguing month that underscores the importance of market vigilance.


Energy Market Averages


GAS (pence per therm)

ELECTRIC (£ per MWh)

Last 7 Days



Last Month



Last Year



April's Energy Market Outlook

For April, we anticipate a steadier gas market as the seasonal need for heating reduces. On the electricity front, if the winds are generous, we could see prices stabilising. However, it's good to remember that forecasts are just educated guesses—nothing's set in stone.


Last 12 month market movements

As we examine the broader trends, this graph provides a retrospective look at the last 12 months in the monthly energy market. It charts the day-ahead wholesale prices for gas and electricity, illustrating the volatility and trends that have shaped the market over the year.

graph to show last 12 months wholesale market movements


Oil Market Movements in March 2024

March's oil market has been a rollercoaster, illustrating just how dynamic global events can influence energy costs. Let's unpack the happenings and see why savvy watchers keep a keen eye on the oil beat.

Market Peaks and Valleys

March kicked off with oil prices inching up, as traders weighed the impact of OPEC+ supply cut agreements. Brent crude soared over $84/bbl but then dipped to $81.20, showcasing the market's push-pull dynamics. But it wasn't just about agreements and numbers. Geopolitical tensions and economic recoveries from inflation played their parts in this energy dance, with U.S. production records stirring the pot even more.

Mid-month, oil prices got a shot in the arm from Saudi Aramco's price hikes to Asia and Red Sea tensions escalating due to Houthi rebel activities. This geopolitical tightrope saw Brent crude nudging to $82.96/bbl, and WTI to $79.13/bbl.

Behind the Volatility

Several factors tossed the market waves this month. OPEC+ supply cut extensions and geopolitical unease were the main actors, nudging prices upward. But whispers of ceasefire talks between Israel and Hamas threatened to ease the market's climb, suggesting a smoother oil flow might be on the horizon.

What's Next?

For April, the oil market's looking at a potential cool-down as global demand levels find their new normal and OPEC+ decisions filter through the markets. But keep an eye out for the winds of change—they're always ready to rewrite the script.

With March closing out, we see oil prices leaping over $1/barrel. This uptick is fed by hopes that OPEC+ might hold steady on production cuts, amidst the backdrop of continued attacks on Russian energy infrastructure. It's a complex web of supply, demand, and geopolitical intrigue that keeps the market on its toes.

April, we're watching you!


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.

For more information or a detailed energy quote, contact us at 0151 459 3388. Let us empower your future with smarter energy solutions

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