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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 16/10/2023

Your Weekly Guide to UK Energy Markets

snapshot of wholesale market movements

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 Movements: 09/10/2023 to 16/10/2023

Week Ending on 16/10/2023

This week, the energy markets experienced significant volatility, influenced by geopolitical tensions in the Middle East, weather forecasts, and other supply and demand factors. Here's a detailed look at how the week unfolded:

Start of the Week:

The week kicked off on 9th October with gas prices at 100.00 p/therm and electricity prices at £86.50/MWh.

Midweek Movements:

By the 12th of October, gas prices had risen to 118.25 p/therm, an increase of about 18.25%, while electricity prices dropped to £83.50/MWh, a decrease of about 3.5%. The rise in gas prices was likely influenced by geopolitical tensions in the Middle East and expectations of cooler weather.

Week's End:

The week wrapped up on 16th October with gas prices at 128.50 p/therm, a 28.5% increase from the start of the week. Electricity prices also rose to £113.00/MWh, a jump of about 30.7%.

Key Points:

  • Geopolitical Tensions: The conflict in the Middle East has been a significant driver of price volatility this week.

  • Weather: Cooler weather forecasts have led to increased gas-for-power demand.

  • Supply and Demand: Despite bearish fundamentals, the market has been largely influenced by external factors like geopolitical risks and weather forecasts.

Graph of the Last Week's Movements:

Let's take a visual look at the past week's gas and power market movements

graph to show last weeks wholesale market movements
snapshot of wholesale market movements from last week, month and year

Forecast for the Upcoming Week:

The upcoming week is expected to be influenced by several key factors. On the supply side, geopolitical tensions in the Middle East and the potential for LNG strikes in Australia will be closely watched. On the demand side, the market will be eyeing the impact of weather forecasts and any changes in global events that could affect supply and demand.


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)























Oil Markets Update

Week Ending on 16/10/2023

The oil markets experienced significant volatility this week, primarily influenced by geopolitical tensions in the Middle East and economic factors. Here's a detailed look at how the week unfolded:

Start of the Week:

The week began on 9th October with Brent crude prices posting the highest weekly losses since March, settling at a price that was not disclosed.

Midweek Movements:

By 12th October, Brent crude prices had fallen 2.1% to $85.82 a barrel, influenced by Saudi Arabia's pledge to stabilize the market and reduce fears of supply disruption due to the Israel-Hamas conflict.

Week's End:

The week concluded on 16th October with Brent crude oil gaining nearly 6%, marking the highest weekly gain since February. This was largely due to the escalation of the Israel-Hamas conflict and its potential impact on the broader Middle East region.

Key Points:

  • Geopolitical Tensions: The Israel-Hamas conflict has significantly influenced oil prices, adding a risk premium to the market.

  • Economic Factors: High interest rates and inflation expectations have also played a role in oil price movements.

  • Supply Concerns: Despite no immediate supply disruptions, the geopolitical risk has led to speculative buying, driving up prices.

Forecast for the Upcoming Week:

The upcoming week is expected to be influenced by ongoing geopolitical tensions in the Middle East, particularly the Israel-Hamas conflict. Any escalation could have a broader impact on the oil markets. Additionally, economic factors like interest rates and inflation will continue to play a significant role.


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


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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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