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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 04/12/2023

Did you know the UK energy market saw noteworthy changes last week? Understanding these trends is crucial for making informed business decisions. Let's delve into what these developments mean for your business.

Infographic displaying Weekly Wholesale Market Update for the period 20/11/2023 to 27/11/2023 with a 0.87% increase in the Gas Market and a 16.04% increase in the Electric Market, featuring upward arrows and the logo of Smart En. Co.

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 Gas and Power Market Review: 27/11/2023 - 04/12/2023

Gas Market Overview:

  • Start of the Week: The gas market opened at 114.00 p/th on 27/11/2023, with prices nudging higher due to colder weather and an unplanned outage.

  • Midweek Trends: The market experienced a dip on 28/11/2023 to 111.00 p/th amidst a solid supply and a long-term forecast of milder weather. However, the cold spell kept the demand for heating high, with a slight decrease to 104.00 p/th on 29/11/2023 due to Norwegian outages and maintenance at LNG terminals.

  • End of the Week: Prices saw a bearish trend, with the market pricing in the risks from the cold spell, closing at 109.00 p/th on 30/11/2023, and then dropping to 106.00 p/th on 01/12/2023 as supply remained robust.

Electricity Market Overview:

  • Start of the Week: Electricity prices opened at £111.75/MWh on 27/11/2023, with an expected increase in consumption driving the prices.

  • Midweek Trends: Prices climbed to £119.50/MWh on 28/11/2023, reflecting the uptick in demand due to the cold. The rest of the week saw a significant increase, peaking at £142.00/MWh on 30/11/2023 before settling at £111.00/MWh on 01/12/2023 as the temperatures were forecasted to rise.

Key Factors Influencing the Market:

  • Weather Conditions: The UK's dip into colder temperatures significantly influenced both gas and electricity prices, with an increase in heating demand.

  • Supply Dynamics: Despite high demand, a strong supply from LNG regasification and Norwegian imports helped to balance the market.

  • Market Reactions: The market adjusted to the cold weather spell, with prices reflecting the robust supply and forecasts of milder weather in the coming weeks.


The UK gas and power markets last week were largely driven by the cold weather increasing demand. However, strong supply and the forecast of rising temperatures tempered the market, leading to a general downtrend in gas prices while electricity prices fluctuated more significantly. The upcoming week may see further changes as the market responds to the evolving weather conditions and supply levels.

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 wholesale market movements from 27/11/2023 - 04/12/2023
snapshot of energy prices from this time last week, month and year

Forecast for the Upcoming Week: 04/12/2023 to 11/12/2023

The upcoming week in the UK gas and power markets is anticipated to be influenced by milder weather conditions and strong supply dynamics. While a decrease in heating demand could lead to lower prices, the market will remain sensitive to any sudden changes in weather patterns and renewable energy outputs. Stakeholders should stay informed and be prepared to adjust to these evolving market conditions.


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)























Oil Market Summary: 27/11/2023 to 04/12/2023


The oil market experienced a week of varied fluctuations influenced by geopolitical events, OPEC+ meetings, and global economic activity.

Start of the Week (27/11/2023)

  • Reduced Geopolitical Risk: Oil prices fell with the release of hostages in Gaza, reducing geopolitical risk premiums. Brent crude futures settled down 1% at $80.58 a barrel, while WTI crude fell 2% to $75.54.

Midweek Movements

  • 28/11/2023: Prices dipped with Brent falling below $80 a barrel, amid expectations of OPEC+ supply curbs.

  • 29/11/2023: Prices rebounded by about 2% on the possibility of extended or deepened OPEC+ supply cuts and a drop in Kazakh oil output. Brent crude settled at $81.68 a barrel, and WTI at $76.41.

  • 30/11/2023: Oil prices rose more than $1 a barrel, with Brent reaching $83.10 a barrel and WTI $77.86, as the market anticipated fresh supply cuts from OPEC+.

End of the Week (01/12/2023)

  • OPEC+ Decision: Prices fell more than 2% after OPEC+ agreed to voluntary output cuts that didn't meet market expectations. Brent crude for January settled at $82.83 a barrel, and WTI crude at $75.96.

Start of the New Week (04/12/2023)

  • Investor Skepticism: Oil prices slumped further due to skepticism about the depth of OPEC+ supply cuts. Brent crude futures for February settled at $78.88 a barrel, while WTI crude dropped to $74.07.

Key Points

  • Geopolitical Developments: The Gaza hostage situation initially influenced prices, but focus shifted to OPEC+ decisions.

  • OPEC+ Meeting: The market was heavily impacted by OPEC+'s meetings, with expectations and actual decisions on production cuts affecting prices.

  • Global Economic Concerns: Sluggish global manufacturing activity raised concerns about fuel demand, influencing the market.

Forecast for the Upcoming Week: 04/12/2023 to 11/12/2023

The oil market may continue to be volatile, influenced by the aftermath of the OPEC+ meeting, ongoing geopolitical developments, and global economic indicators. Market participants should stay alert to these evolving dynamics, as they will likely influence oil price movements in the coming week.

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 energy 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?

  • Is it possible to change multiple business utilities at the same time?
    Our switching service allows you to switch multiple utilities simultaneously. We have successfully assisted multiple businesses in the UK by helping them save on various services such as energy and water with savings within 2023 already over the £2 Million mark.
  • How much can I save on my business utility bills?
    The amount you can save on your business utility bills will depend on various factors such as your current usage, the rates offered by different providers, and the specific deals available in your location. However, our switching service is designed to help you find the best deals and save as much as possible. By comparing multiple suppliers and negotiating competitive rates, we aim to maximise your potential savings. Get in touch with us to discuss your specific needs and get personalised information on potential cost savings for your business utility bills.
  • How does switching business utilities work?
    Switching business utilities involves a straightforward process. Here's a general overview of how it works: Evaluation: Start by assessing your current utility bills and usage patterns. This will give you an idea of your current costs and help identify areas where savings can be made. Comparison: Use a switching service like ours to compare different utility providers in your area. We provide you with quotes from multiple suppliers, allowing you to compare prices, contract terms, and services offered. Selection: Based on the comparison results, choose the utility provider that best meets your needs and budget. Consider factors such as price, customer reviews, contract terms, and any additional services or benefits offered. Contract Negotiation: Once you've chosen a new provider, our team can help negotiate the contract terms and rates on your behalf. Switching Process: The switching service will coordinate the transition with your current supplier and the new provider. This may involve submitting termination notices, arranging meter readings, and scheduling the activation of new services. Enjoy the Savings: After the switch, you'll start receiving services from your new provider, typically at the agreed-upon rates. You will notice savings on your utility bills, providing you with cost advantages for your business. Remember, the exact process may vary depending on the type of utility you are switching, but our switching service aims to simplify the process and assist you at every step.
  • Who are the cheapest business utility providers?
    As market conditions and prices fluctuate regularly, it's challenging to provide an up-to-date and definitive list of the cheapest business utility providers. The prices we provide you are valid and available on the day of the quote and will provide most current and competitive deals available. Our switching service helps you compare prices and offers from multiple suppliers, ensuring you have the most accurate and relevant information to make an informed decision about your business utility provider.
  • What is energy procurement?
    Energy procurement is the process of sourcing, negotiating, and securing energy contracts to meet the specific needs of a business. It involves analysing energy consumption patterns, understanding market trends, and negotiating with suppliers to obtain the best possible rates and contract terms.
  • Why is energy procurement important for my business?
    Energy procurement ensures that your business secures energy contracts that are both cost-effective and aligned with your operational needs. Proper energy procurement can lead to significant cost savings, budget predictability, and reduced risks associated with volatile energy markets.
  • How does The Smart Energy Company help with energy procurement?
    We specialise in analysing your energy consumption, understanding your specific needs, and leveraging our relationships with over 20 suppliers to negotiate the best possible contracts on your behalf. Our team ensures you get optimal rates, flexible terms, and contracts that align with your business goals.
  • How do you ensure I get the best energy rates?
    Our team continuously monitors the energy market, staying updated with trends, price fluctuations, and supplier offerings. Coupled with our in-depth analysis of your energy needs and consumption patterns, we negotiate with suppliers to secure rates that are both competitive and suited to your business.
  • Are there any hidden fees associated with your energy procurement services?
    Transparency is a core value at The Smart Energy Company. We provide a clear breakdown of any commission we earn as a company when you come to agree any new energy contract. This is typically included as an uplift in your unit rate and paid to us by the supplier you chose to go to. Our primary goal is to secure the best energy deals for you, with no hidden costs.
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