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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 04/09/2023

Updated: Sep 11, 2023

Your Weekly Guide to UK Energy Markets

Welcome to The Smart Energy Company's Weekly Wholesale Energy Market Report, your go-to source for the latest insights and updates on UK energy markets. As an energy brokerage company, we understand the importance of staying informed about the changing trends in the energy market. That's why we provide these weekly market reports, to help businesses like yours make informed decisions when negotiating your next energy contract.


Weekly Wholesale Energy Market Report: Gas & Power Markets

From the 29th of August to the 4th of September 2023, the gas and power markets exhibited a series of ups and downs, influenced by various global and local factors.

The week kicked off on the 29th with the NBP DA contract closing at 88.50p/th. The prices were influenced by industrial action news in Australia and its potential impact on LNG supplies. On the 30th, gas prices surged to 91.40p/th, likely due to the market pricing in the Australian strike news. However, the prices dipped to 80.40p/th on the 31st as the market awaited further news from Australia.

By the 1st of September, the NBP DA contract dropped to 81.28p/th, reflecting a low demand environment in the UK and diminishing concerns over Australian strikes. As of the 4th of September, the opening price was 84.25p/th, showing a slight recovery but still lower than the week's peak.

On the electricity front, the week started at £93.00/MWh on the 29th and experienced a decline, reaching its lowest at £84.50/MWh on the 1st of September. The opening price on the 4th stood at £86.00/MWh, indicating a minor uptick.

Key Points:

  1. Australian Strikes: Industrial action in Australia had a noticeable impact on gas prices early in the week.

  2. Low Demand: Both gas and power markets were influenced by low demand, especially in the UK.

  3. Fluctuating Prices: Despite some intermittent rises, both markets showed a general downward trend over the week.

Graph of the Last Week's Movements:

Let's take a visual look at the past week's gas and power market movements

graph showing the movements of the wholesale gas and power markets in the last week from 29/08/2023 to 04/09/2023
snapshot of wholesale market differences in the last week, month and year


Entering the upcoming week, expectations are centered around continued market volatility, influenced by global events like the Australian strikes and local demand patterns.


Table of the Movements on Each Day in the Last Week:

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)


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Weekly Wholesale Energy Market Report: Oil Markets

Oil Market Summary (29th August to 4th September 2023)

The oil market experienced a week of upward momentum, with both Brent and WTI crude prices seeing consistent gains. The week commenced on the 29th of August with Brent futures settling at $84.48 a barrel, influenced by a fire at a Louisiana refinery and a rise in U.S. diesel prices. As the week unfolded, prices continued to climb, reaching $85.49 for Brent and $81.86 for WTI on the 30th, largely due to the weakening U.S. dollar and the impending Hurricane Idalia.

By the 31st, Brent crude had risen to $85.86, supported by tighter-than-expected U.S. crude supplies. However, concerns about the Chinese economy somewhat capped the gains. On the 1st of September, U.S. crude prices gained more than $2 a barrel, driven by expectations of continued OPEC+ cuts through the end of 2023.

The week concluded on the 4th with Brent crude settling at $88.49, marking its highest level in over half a year. Factors such as Saudi Arabia's expected extension of production cuts and a robust appetite for oil in the U.S. contributed to this bullish sentiment.

Key Points:

  1. Tightening Supplies: OPEC+ cuts and Saudi Arabia's expected extension of production cuts are keeping supplies tight.

  2. U.S. Demand: Commercial crude inventories in the U.S. have been declining, indicating strong demand.

  3. Global Concerns: Economic conditions in China and the U.S. interest rate scenario continue to influence oil prices.


Entering the coming week, the market is likely to focus on OPEC+ decisions, U.S. inventory levels, and global economic indicators. The general direction for oil prices appears to be upward, supported by tightening supplies and strong demand.


12-Month Graph to Show the Movements Over the Last Year

Now, let's zoom out and take a look at the long-term trends in the energy market over the past year:

graph showing last 12 months wholesale market movements


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.


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Have More Questions?

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  • What is energy procurement?
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