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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 15/04/2024

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Energy Update: Gas and Electricity Prices Last Week (08/04/2024 - 15/04/2024)

Here's a quick look at what happened with gas and electricity prices last week and what we might expect moving forward in the latest weekly energy market update.

Weekly Energy Market at a Glance

Last week, we saw some changes in what you might pay for gas and electricity:

  • Gas Prices: Jumped from 68.25 p/th at the start of the week to 75.00 p/th by the week’s close.

  • Electricity Prices: Took a surprising turn, decreasing from 57.00 £/MWh to 37.00 £/MWh.

snapshot of today's energy prices clearly, showing how they compare to yesterday, last week, last month, and last year.

Why Did Prices Change?

  • Weather Matters: Warmer weather and windy days can mean we don’t need as much heating and can use wind turbines for power. This can make gas and electricity cheaper.

  • Supply & Demand: How much gas and electricity is available and how much we need can push prices up or down. Last week, we had enough gas, but some issues with gas plants and international tensions caused a bit of a stir, nudging prices up by the week’s end.

  • Looking at Next Week: We're thinking prices might go up a little because it could get colder and less windy. Plus, some problems overseas could mean less gas for everyone.


Looking Forward:

The recent escalation in tensions between Iran and Israel, with Iran directly targeting Israel for the first time, could have significant implications for energy markets. Such geopolitical unrest often leads to increased uncertainty and speculation, which can drive oil prices higher due to fears of potential supply disruptions, especially given that the Middle East is a key oil-producing region. If the situation continues or worsens, it could lead to a risk premium being built into oil prices, reflecting concerns over stable supply routes. Moreover, the market will likely watch for any potential impacts on gas supply routes or production that could influence prices in the upcoming week.


A Deeper Dive: Daily Dynamics

Monitoring the day-to-day fluctuations in energy prices is crucial for smart energy procurement. Over the last week, we've seen the market take a notable turn.

Gas (pence per therm)

Electric (£ per MWh)






















The weekly average gas price settled at 70.37 p/th, while electricity averaged at 45.00 £/MWh. Despite a midweek dip, especially in electricity prices, the week closed with gas prices climbing to 75.00 p/th and electricity rebounding to 37.00 £/MWh. This rise signals a market responding to evolving factors such as the shift in weather and recent geopolitical tensions.


How Does This Compare to Last Week's Report?

The energy market this week has shown some distinct changes from the last.

  • Gas: The upward trend was more pronounced this week, marked by a nearly 7p rise compared to last week’s steadier climb. Unexpected disruptions and geopolitical tensions gave prices a significant nudge.

  • Electricity: In contrast to the gas market, electricity prices took a notable downturn from last week, suggesting that despite the gas price rise, electricity may be responding to other influences like the availability of wind power and milder temperatures.

In Summary:

While gas prices have continued to climb, reflecting concerns about supply disruptions and geopolitical uncertainty, electricity prices have diverged, showing a decrease that could indicate strong wind energy output and a reduced need for electric heating.


Oil Market Summary: A Week of Tensions and Market Shifts (08/04/2024 - 15/04/2024)

Oil prices saw a week filled with sharp twists due to geopolitical events that caused significant market fluctuations.

  • Start of the Week: Prices surged as tensions between Israel and Iran escalated, stoking fears of potential supply disruptions. This tension pushed Brent crude up to $91.17 a barrel and WTI to $86.91.

  • Midweek Dynamics: The market reeled from Israel's troop movements in Gaza and ceasefire talks, causing oil prices to dip. Brent crude saw a decline to $89.42, and WTI dropped to $85.23.

  • End of the Week: As the ceasefire talks in Gaza continued without a resolution and regional conflicts persisted, oil prices rebounded slightly, with Brent closing at $90.45 and WTI at $85.66, reflecting ongoing concerns over the stability of oil supplies from the Middle East.

The fluctuating oil prices throughout the week underscore the sensitivity of the market to geopolitical developments. With ongoing negotiations and threats in key oil-producing regions, these factors are expected to remain a driving force in the oil market, potentially affecting prices in the near term.


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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