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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 11/03/2024

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: 04/03/2024 - 11/03/2024

The past week in the UK energy market has seen a mix of upward trends and stabilisation, reflecting a variety of supply and demand factors.

Detailed Price Movements:

  • Start of the Week: The market began on 04/03/2024 with gas prices at 69.15 p/th and electricity at £65.00/MWh. These prices were largely influenced by higher reliance on gas for power generation due to declining wind output and lower temperatures.

  • Midweek Adjustments: The midweek period saw a continuation of this trend, with gas reaching a peak of 71.75 p/th on 05/03/2024. The boost in gas prices was driven by weaker wind generation, which increased the dependence on gas-powered electricity. Electricity prices reached £70.25/MWh in line with the heightened gas prices.

  • End of the Week: As the week progressed, gas prices began to consolidate, with a slight decrease observed. The week concluded with gas at 67.80 p/th and electricity at £70.00/MWh on 08/03/2024. This stabilisation can be attributed to calming coal prices and a slight uptick in renewable energy production.

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

Current Market Rates

The market rates at the opening of the new week show that while gas prices have seen some fluctuation, they remain in a relatively steady range compared to the previous week's closing rates. The electricity market mirrored this stability, with only minor changes from the previous week's closing prices. Gas opened at 66.20 p/th and electricity at £67.00/MWh on 11/03/2024, showcasing a bullish trend driven by higher gas-for-power demand due to a reduction in wind speeds.

Key Influences on the Market:

  • Renewable generation fluctuations, particularly in wind energy, had a noticeable impact on gas-for-power demand.

  • Coal price movements also played a role in the gas and electricity price trends over the week.

  • Developments in storage capacity and LNG arrivals continued to provide a stable backdrop to the market.

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:

As we look ahead, the market is poised to be influenced by the continued interplay between renewable output and gas-for-power demand.

Forecasts suggest that wind speeds and temperatures might rise over the weekend, potentially reducing the demand for gas-generated electricity. However, businesses should remain attentive to the fluid nature of these factors, as they could swiftly change, impacting energy procurement strategies and contract negotiations.

For detailed daily market analysis and insights that can inform your energy decisions, don’t hesitate to reach out to us or visit our daily market updates for regular updates.


Oil Market Summary: 04/03/2024 - 11/03/2024


The oil market this past week saw fluctuating prices influenced by a mix of OPEC+ decisions, geopolitical tensions, and evolving global demand forecasts.

  • Beginning of the Week: Oil prices saw a modest rise at the start of the week, with Brent crude reaching $83.80 a barrel and WTI surpassing $80, in response to OPEC+ supply cut extensions and ongoing Middle East tensions. This upward movement reflected the market's sensitivity to supply adjustments and geopolitical risks.

  • Mid-Week Movements: The week continued with varied price movements; a slight decline on Tuesday hinted at market corrections and skepticism about OPEC+ compliance, especially from Russia. However, prices rebounded on Wednesday amid concerns over global supply tightness and geopolitical unrest in the Middle East.

  • End of the Week: Towards the week's end, the market saw consolidation with Brent crude adjusting to $82.08 a barrel and WTI to $78.01, as softening Chinese demand and ambitious growth targets raised questions about the global demand outlook, despite OPEC+ extending cuts.

Key Influencing Factors:

  • OPEC+ Decisions: Extended supply cuts underscored efforts to manage market supply, yet compliance doubts lingered.

  • Geopolitical Tensions: Continued unrest in the Middle East, especially between Israel and Hamas, reintroduced risk premiums.

  • Global Demand Forecasts: Adjustments in demand projections and economic indicators, particularly from China, influenced market sentiment.

Market Outlook:

Looking ahead, oil prices are likely to remain volatile, with market participants weighing OPEC+ supply strategies against global demand uncertainties and geopolitical developments. The intricate balance between supply cuts, economic growth expectations, and international tensions will be crucial in shaping future oil price directions.


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.

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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