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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 04/03/2024

Welcome to The Smart Energy Company's definitive guide to the latest trends in the UK energy markets. Our weekly reports provide the insights you need to make informed decisions for your business's energy needs.

Weekly Energy Market Summary

The UK energy market last week was defined by several factors that led to fluctuations in gas and electricity prices, with a general trend towards an increase as the week progressed.

image to show how much the energy market has moved in the last week


Weekly Gas and Power Market Review: 26/02/2024 - 04/03/2024

Detailed Price Movements:

  • Start of the Week: On 26/02/2024, the gas market opened at 61.00 p/th and electricity at £61.00/MWh. The week started with prices reflecting a balanced market with steady supply and demand levels.

  • Midweek Adjustments: Throughout the week, gas prices saw an increase, rising to 63.45 p/th by 29/02/2024, while electricity also increased, reaching £63.50/MWh. These changes were influenced by a combination of factors, including an anticipation of colder weather which typically leads to increased heating demand.

  • End of the Week: The week ended on an upward note with gas prices climbing to 67.35 p/th and electricity prices reaching £69.50/MWh on 01/03/2024. This rise was partly due to cooler temperatures towards the end of the week, leading to a higher demand for heating.

snapshot of wholesale market prices from this time last week, month and year

Current Market Rates

The new week began on 04/03/2024 with both gas and electricity prices opening at 65.00 p/th and £65.00/MWh, respectively. This scenario reflects a market adjusting to the cooler temperatures and an expected increase in consumption.

Key Influences on the Market:

  • Weather forecasts predicting cooler temperatures led to increased demand for heating.

  • The steady supply from LNG arrivals and domestic production contributed to a well-supplied market.

  • The transition towards the end of the heating season and the onset of milder spring weather could influence future price movements.

Long-Term Trends

Understanding these weekly changes provides a context for predicting future market movements. For businesses planning ahead, it's crucial to consider these dynamics in energy procurement and management strategies.

graph to show last 12 months wholesale market movements

Here's a detailed breakdown of the daily changes in gas and electric prices over the past week:


Gas (pence per therm)

Electric (£ per MWh)























Forecast for the Upcoming Week: 04/03/2024 - 11/03/2024

The market outlook remains subject to weather conditions, supply stability, and demand fluctuations. Stakeholders should closely monitor these factors9as they navigate the energy market, especially with the anticipation of colder weather potentially affecting demand and prices.

Your Weekly Guide

The upcoming week in the UK energy market is poised for mixed movements. Cooler early March temperatures may increase demand, potentially nudging prices up, while substantial LNG shipments are expected to sustain a strong supply, possibly offsetting demand spikes. Renewable energy output, notably wind generation, will also play a critical role; any decrease may heighten gas reliance, whereas an increase could suppress gas prices. With storage levels high, the market has a buffer against supply shocks, but significant shifts in storage dynamics could sway prices. Additionally, persistent geopolitical tensions may inject volatility into the market, making it essential for businesses, especially those with imminent contract renewals, to stay vigilant of the evolving energy landscape.


Oil Market Summary: 26/02/2024 - 04/03/2024


The oil market last week presented a mix of upward and downward movements driven by various global factors. The fluctuating oil prices were influenced by geopolitical tensions, market speculations ahead of OPEC+ decisions, and shifting views on global economic health.

  • Beginning of the Week: Oil prices began the week with a dip due to demand concerns, despite the ongoing supply constraints. The U.S. Federal Reserve's statements on interest rates impacted market sentiment, hinting at a more measured approach to economic stimuli, which could dampen demand in the short term.

  • Mid-Week Movements: Throughout the week, the markets experienced a rebound, partly due to incidents in the Middle East that threatened to disrupt supply. Yet, the gains were checked by optimism for a ceasefire in the region, alongside anticipation of key reports on U.S. inflation and inventories.

  • End of the Week: The week concluded with oil prices edging higher, responding to OPEC+ supply cut extensions. However, the increases were moderate, reflecting the market's uncertainty over global demand levels and geopolitical developments, particularly the lack of progress in the Israel-Hamas ceasefire negotiations.

Key Influencing Factors:

  • Geopolitical Tensions: Continued conflict and supply risks, especially in the Middle East, swayed oil prices as the market weighed the potential for disruptions.

  • OPEC+ Decisions: Speculations and eventual confirmation of OPEC+ supply cut extensions introduced bullish sentiments.

  • Economic Indicators: Mixed signals on the global economy and varying demand forecasts contributed to the market's volatility.

Market Outlook:

Looking ahead, the oil market's direction will likely continue to be influenced by the interplay between geopolitical developments, OPEC+ policy decisions, and global economic health. The extended supply cuts by OPEC+ and persistent Middle East tensions could support higher prices, but this may be balanced by concerns over economic recovery and demand growth.


Stay Updated with Our Weekly Market Reports

Check our weekly market reports regularly to stay updated on the latest UK energy market trends. This equips you with the knowledge to capitalise on savings opportunities and make smart contract renewal decisions for your business. If you want more regular market information, you can always check our Daily Energy Market Reports.

image of a happy woman here, along with text highlighting the average savings per site in 2023.

Check our historical reports for a more in-depth review of how the market is shaping up.


Get Your Free Business Energy Quote Today

For tailored advice and to understand what current market rates mean for your business, contact us for a free quote.

Or Call us on 0151 459 3388

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