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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 11/09/2023

Your Weekly Guide to UK Energy Markets

Weekly Energy Market Update. Quick snapshot of market movements.png

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 4th to the 8th of September 2023, the gas and power markets experienced significant volatility, with prices influenced by a variety of factors both domestic and international.

The week began on the 4th with the NBP DA contract trading at 79.00p/th and electricity at £86.00/MWh. Prices saw an initial increase on the 5th, with gas at 81.38p/th and electricity at £85.25/MWh, influenced by the possibility of averting strikes in Australia and recovering Norwegian flows.

However, by the 6th, gas prices dipped to 74.90p/th and electricity to £86.50/MWh, driven by an updated strike schedule for Chevron’s Australian sites and low Norwegian flows. The 7th saw a slight uptick in gas to 75.40p/th but a drop in electricity to £89.50/MWh, influenced by a delay in Australian strikes and softer demand forecasts.

The week concluded on the 8th with gas at 84.25p/th and electricity at £92.00/MWh, influenced by an uptick in gas for power demand and ongoing strikes in Australia.

Start of the New Week:

The new week began on the 11th with gas at 93.25p/th and electricity at £97.25/MWh, influenced by extended outages in Norway and ongoing strikes in Australia.

Key Points:

  1. Australian Strikes: The ongoing and potential strikes at Chevron's Australian LNG facilities added volatility to the market.

  2. Norwegian Flows: Low and fluctuating flows from Norway had a significant impact on prices.

  3. Demand Fluctuations: Both local and non-local demand saw changes, affecting the market balance.

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 wholesale energy movements in the week from 04/09/2023 to 11/09/2023

snapshot of market movements from last week, month and year


The market is expected to remain volatile, especially with the extended outages in Norway and strikes in Australia.


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)























Weekly Wholesale Energy Market Report: Oil Markets

From the 4th to the 8th of September 2023, the oil market experienced a series of fluctuations, largely influenced by OPEC+ decisions and economic indicators.

The week started on the 4th with Brent crude at $88.49 a barrel and WTI at $85.02. Prices were driven by expectations of tightening supplies, with Saudi Arabia and Russia extending their voluntary supply cuts.

By the 5th, Brent crude slightly increased to $89.00, and WTI followed suit at $85.95, buoyed by expectations that OPEC+ would maintain tight supplies and the U.S. Federal Reserve might cease aggressive interest rate hikes.

On the 6th, Brent crude reached a milestone, closing above the $90 mark for the first time since November 2022, settling at $90.04. WTI also gained, closing at $86.69. These increases were influenced by extended supply cuts from Saudi Arabia and Russia.

However, the 8th saw a slight dip, with Brent crude settling at $89.92 and WTI at $86.67, influenced by weakening economic numbers from the euro zone and mixed data from China.

Start of the New Week:

The new week began on the 11th with Brent at $90.65 and WTI at $87.51, influenced by rising U.S. diesel futures and extended supply cuts from Saudi Arabia and Russia.

Key Points:

  1. OPEC+ Decisions: Extended supply cuts from Saudi Arabia and Russia had a significant impact on oil prices.

  2. Economic Indicators: U.S. Federal Reserve policies and economic data from the euro zone and China also played roles.

  3. Forecast: With seasonal refinery maintenance in Russia and ongoing geopolitical events, the market is expected to remain volatile.


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 to show 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?

  • 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?
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  • 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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