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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 12/02/2024

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 UK energy market last week was characterised by a variety of influencing factors, including steady supply levels, changing weather conditions, and geopolitical events, which led to fluctuations in gas and electricity prices.

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


Weekly Gas and Power Market Review: 05/02/2024 - 12/02/2024

Detailed Price Movements:

  • Start of the Week: On 05/02/2024, gas prices were at 70.20 p/th and electricity at £56.75/MWh, reflecting a market well-supplied and influenced by strong wind energy production.

  • Midweek Trends: Prices saw a modest increase, with gas prices peaking at 72.55 p/th on 06/02/2024 amidst a temporary dip in supply due to maintenance activities in Norway and a slight increase in local consumption due to decreased windspeeds.

  • End of the Week: The week concluded with gas prices decreasing to 68.48 p/th on 09/02/2024, as the maintenance issues in Norway were resolved and the forecast for warmer weather pointed towards a reduced heating demand. Electricity prices followed a similar pattern, closing at 66.50/MWh.s.

graph to show the wholesale movements over the last 7 days

Current Market Rates

The market opened on 12/02/2024 with gas at a lower rate of 65.00 p/th and electricity at 64.40/MWh. These rates demonstrate the market's reaction to a well-supplied system and expectations of less heating demand due to milder weather conditions.

Key Influences on the Market:

  • Weather conditions had a notable impact on both gas and electricity prices, particularly changes in temperature and wind generation capacity.

  • Supply levels remained robust, with LNG deliveries and production from the UKCS and Norway contributing to a balanced market.

  • Geopolitical tensions, including the UK/US airstrikes, introduced potential risk factors that could influence future energy prices.

snapshot of wholesale market movements from 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 the wholesale market movements over the last 12 months

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: 12/02/2024 - 19/02/2024

The market outlook for the upcoming week suggests that the demand for heating may decrease due to milder weather, which could potentially lead to lower gas prices. However, supply levels and geopolitical developments will need to be monitored closely. For those with pending energy contract renewals, this could be an opportune moment to review market conditions and secure favourable 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


The oil market experienced significant price movements due to a confluence of economic developments, geopolitical tensions, and unexpected supply disruptions.

  • Beginning of the Week: The week opened with oil prices reaching a two-month high, driven by positive economic data from the U.S. and stimulus signals from China. Brent crude futures climbed to $83.55 a barrel, while WTI crude hit $78.01. The spike was supported by a considerable drawdown in U.S. stockpiles and persistent supply concerns from the Middle East.

  • Mid-Week Movements: Volatility continued through the week. On 30/01, oil prices dipped as China's property sector woes stoked demand worries. The following day, however, saw a recovery amid higher global growth forecasts and increasing tensions in the Middle East.

  • End of the Week: As the week drew to a close, oil prices softened slightly, reflecting the market's assessment of a potential ceasefire between Israel and Hamas, and a major U.S. refinery shutdown. Additionally, U.S. labor data suggested less likelihood of imminent interest rate cuts, influencing market sentiment.

Key Influencing Factors:

  • Economic Indicators: The impact of U.S. job growth and Chinese economic measures heavily influenced oil demand projections and pricing trends.

  • Geopolitical Tensions: Escalating conflicts in the Middle East, particularly between Israel and Hamas, and the ongoing situation in Venezuela, remained key drivers of market uncertainty.

  • Supply Disruptions: Adverse weather in the U.S. and changes in oil production from Libya and Norway caused disruptions, affecting global oil supply levels.

Market Outlook:

In the immediate future, the oil market is poised to respond to further geopolitical developments, significant economic data from key economies, and any new changes in oil supply. Stakeholders should remain vigilant, as these elements will likely dictate oil price trajectories in the weeks to come.


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.

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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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.
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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.
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  • 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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