top of page
Keyboard and Mouse

Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 05/02/2024

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 past week in the UK energy market was marked by significant fluctuations in both gas and electricity prices, influenced by varying weather conditions, LNG supply dynamics, and maintenance activities.

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


Weekly Gas and Power Market Review: 29/01/2024 - 05/02/2024

Detailed Price Movements:

  • Start of the Week: On 29/01/2024, gas prices were at 69.50 p/th and electricity at £69.50/MWh. Prices were impacted by updates affecting LNG (liquefied natural gas) supplies and predictions of increased local demand.

  • Midweek Trends: By 31/01/2024, gas prices had risen to 74.90 p/th due to colder weather increasing demand for heating. This was the highest point for gas prices during the week. Electricity prices also increased, reaching £67.00/MWh, affected by less wind for turbines and reduced nuclear power generation.

  • End of the Week: The week ended on 02/02/2024 with gas prices decreasing to 70.00 p/th and electricity rates slightly lower at £57.00/MWh. This reduction reflected the influence of warmer weather and strong winds reducing the need for power from gas.

linear graph to show the flucations in energy wholesale prices in the last 7 days

Current Market Rates

As the new week began on 05/02/2024, gas prices were at 71.25 p/th and electricity at £56.75/MWh. These opening rates reflect the combination of a good supply level, warmer weather reducing the need for heating, and continued strong wind power generation.

Key Influences on the Market:

  • Changes in weather, especially variations in temperature and wind speeds, significantly affected energy demand.

  • The steady supply of gas from LNG, the UK Continental Shelf (UKCS), and Norway helped keep the market balanced.

  • Global political events, like the joint UK/US airstrikes, introduced uncertainty that could affect future market prices.

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

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: 05/02/2024 - 12/02/2024

Looking ahead, the market might see further changes due to the expected milder weather, which could lower the demand for heating. The stability of the energy supply and global political situations will be important to monitor. For businesses, especially those nearing the time to renew energy contracts, staying updated on these developments is crucial to securing the best possible terms.

Your Weekly Guide

Our reports are designed to help businesses like yours navigate the complexities of the energy market. Stay informed to make the best decisions when negotiating your next energy contract


Oil Market Summary: 29/01/2024 - 05/02/2024


This week in the oil market witnessed a series of fluctuations driven by a mix of economic indicators, geopolitical tensions, and weather-related disruptions. Here's a breakdown of the key events and their impact on oil prices.

  • Beginning of the Week: Oil prices saw an increase at the week's start, reaching their highest in nearly two months on positive U.S. economic growth and signs of Chinese economic stimulus. Brent crude futures rose to $83.55 a barrel, and WTI crude to $78.01, buoyed by larger-than-expected reductions in U.S. crude stockpiles and Middle East supply concerns.

  • Mid-Week Movements: The following days saw prices experiencing volatility. On 30/01, concerns over China's property sector and demand worries led to a decline in prices. However, by 31/01, prices rebounded slightly due to higher global economic growth forecasts and escalating Middle East tensions.

  • End of the Week: Towards the week's end, prices settled lower amid news of a ceasefire between Israel and Hamas, a large U.S. refinery shutdown due to a power outage, and adjustments in market expectations due to U.S. jobs data hinting at steady interest rates.

Key Influencing Factors:

  • Economic Indicators: U.S. economic data and Chinese economic policy played significant roles in shaping market expectations and demand forecasts.

  • Geopolitical Tensions: Developments in the Middle East, including conflict escalations and ceasefire reports, alongside sanctions on Venezuela, influenced market sentiments.

  • Weather Conditions and Supply Disruptions: Severe cold weather in the U.S. affecting crude production, coupled with supply changes in Libya and Norway, impacted oil prices.

Market Outlook:

Looking ahead, the oil market is expected to remain sensitive to geopolitical developments, economic indicators from major economies, and any changes in supply dynamics. Market participants should closely monitor these factors as they are likely to influence price movements in the near term.


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.

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


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

15 views0 comments


Keep Up To Date With Market Updates


Securing your next energy contract at the optimum moment is essential for fully realising your savings opportunities. Provide your details below to gain access to weekly market updates, giving you the advantage to make informed purchasing decisions at the right time.


Bid farewell to aggressive sales approaches from other brokers and take charge with confidence!

You're Subscribed! Look out for your first report soon!

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.
Business Meeting

Unlock the Potential of
Your Business Energy

At The Smart Energy Company, we're committed to offering tailored solutions that fit your energy needs perfectly. By staying ahead of market trends, we ensure you're always equipped with the most efficient and sustainable energy options. We take pride in our client-driven approach, where your feedback shapes our continuous improvement.


Why not schedule a complimentary consultation with one of our energy experts today? Let's find the perfect energy solution tailored to your business.

See What Our Clients Say About Us


Very helpful, quick expert advice. We have been using Smart Energy for a while.


Ian Hughes

Operation Manager

Group of Bars

bottom of page