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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 13/05/2024

Welcome to our 'Weekly Energy Market' update, where we dissect the latest trends and changes from 07th May to 13th May 2024. Your guide through the fluctuations of the last week: revealing trends, insights, and forecasts in the UK energy and oil markets.

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

Weekly Energy Market At A Glance

Gas and Electricity Price Movements:

  • Gas Prices: This week, gas prices experienced notable movements, starting at 76.50 pence per therm on 7th May and ending at 69.00 pence per therm by 13th May. The initial rise was influenced by tight supply conditions and increased demand due to maintenance activities, but prices eventually fell as Norwegian flows resumed and demand softened.

  • Electricity Prices: Similarly, electricity prices mirrored the movement in gas prices, beginning at £76.25/MWh on 7th May and decreasing to £63.50/MWh by 13th May. This trend was driven by changes in gas prices and an increase in wind power generation.

Factors Influencing Price Changes:

  • Weather Impact: Mixed weather conditions throughout the week led to variable heating demand and affected wind generation levels, influencing overall gas and power demand.

  • Supply and Demand Dynamics: Maintenance at key gas facilities, fluctuating Norwegian flows, and LNG sendouts played crucial roles in driving price changes. A tightening supply at the beginning of the week gave way to a looser balance as maintenance activities concluded.

snapshot of wholesale market movements and comparisons to last week, month and year

A Deeper Dive: Daily Energy Price Dynamics

Understanding the day-to-day price changes is key for strategic energy procurement.


Gas (pence per therm)

Electric (£ per MWh)



















The weekly average saw gas prices at 73.48 pence per therm, and electricity prices at 71.49 £/MWh. This represents a market responding to a blend of supply challenges and fluctuating demand.


Last Week vs. This Week:

Compared to the previous week, both gas and electricity prices exhibited a downward trend. Gas prices decreased due to the easing of supply constraints from Norwegian maintenance and lower imports. Electricity prices tracked the decline in gas prices and were further influenced by increased wind power generation.


Looking Forward: Market Forecast

The coming week may see continued price stability. Key factors to watch include:

  • Maintenance Activities: Ongoing and upcoming maintenance at key gas facilities will continue to influence supply.

  • Weather Patterns: Changes in weather conditions could affect heating demand and renewable energy generation.

  • Geopolitical Tensions: Any geopolitical developments could impact supply routes and market sentiment.


Overview of Last Week’s Oil Market

This past week has seen notable fluctuations in oil prices, influenced by ongoing geopolitical tensions and economic indicators. Here’s a detailed look at the developments:

Oil Market at a Glance:

  • Start of the Week: Oil prices were high, with Brent crude at $89.50/barrel and WTI at $83.85/barrel, driven by Middle Eastern tensions.

  • Midweek Movements: Prices eased due to optimism for a ceasefire in Gaza, with Brent crude falling to $88.70/barrel and WTI to $83.17/barrel.

  • End of the Week: By 7th May, Brent crude was at $83.33/barrel and WTI at $78.48/barrel, influenced by geopolitical developments and U.S. economic data.

Factors Influencing Oil Prices:

  • Geopolitical Tensions: Conflicts in the Middle East, particularly involving Israel and Hamas, significantly impacted price movements.

  • Economic Indicators: U.S. inflation data and interest rate expectations played a crucial role in shaping market sentiments.


Your Energy Guide

Our Weekly Wholesale Market Update gives a side-by-side comparison of the gas and electric market increases. For a wider view, the 12-month report sheds light on the bigger picture.

graph to show last 12 months wholesale market movements

For day-to-day updates and detailed analysis, turn to our Daily Energy Market Reports. They are a valuable resource for understanding the market.

Advice for Your Business

For advice that fits with the latest market situation, get in touch for a free business energy quote. Our team at the Smart Energy Company is ready to help you make informed choices, tailored to the market’s current state.


Get Your Free Business Energy Quote Today

Keep visiting our blog for weekly updates. If you have any questions or need more detailed advice, we’re just a call away. We’ll help you navigate through the market changes with ease and confidence.

Or Call us on 0151 459 3388

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