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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 18/03/2024

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Welcome to the Smart Energy Company’s weekly summary. We shed light on the UK energy market's latest movements, offering you weekly energy market insights for your business energy decisions.


Current Snapshot of the Weekly Energy Market

This week, we witnessed energy costs climbing. Let’s take a quick look at the key numbers:


  • Electricity settled around £69.00 per MWh.

  • Gas rose to 72.30 pence per therm.

Our six-month market movement graph shows significant changes, highlighting the importance of keeping an eye on market trends.


snapshot of wholesale market movements from this time last week, month and year

 

Weekly Gas and Power Market Review: Understanding Price Changes


As we chart the energy market's performance over the past week, we see a pattern of fluctuating gas and power prices influenced by varied demand and supply dynamics.


  • Starting Point The week opened with gas at 63.95 p/th and electricity at £67.00/MWh. A lack of wind power led to a greater need for gas-fuelled electricity, causing an increase in prices.

  • Midweek Trends As the week unfolded, gas prices fell slightly to 62.75 p/th, while electricity prices ticked up to £60.50/MWh. Maintenance work and unpredictable wind speeds influenced these changes.

  • Week’s End By week’s end, gas prices had gone up to 67.75 p/th, with electricity costs holding steady at £69.00/MWh. Expectations of higher demand and less wind power contributed to this rise.


Next Week's Forecast

Looking ahead, we anticipate continued market sensitivity to weather-related shifts in demand, particularly for gas as we transition away from peak winter usage. While wind generation will continue to influence electricity prices, maintenance work on energy infrastructure may cause further fluctuations. Companies should stay alert to these factors as they could impact energy costs.


A Deeper Dive: Daily Dynamics

Last week’s daily prices showed a clear upward trend, ending with a weekly average gas price of 65.71 p/th and electricity at 64.13 £/MWh. Keeping track of these daily shifts is essential for planning your energy buying.

DAY AHEAD PRICES

Gas (pence per therm)

Electric (£ per MWh)

11/03/2024

63.95

67.00

12/03/2024

62.75

59.25

13/03/2024

62.65

60.50

14/03/2024

64.85

60.00

15/03/2024

67.75

69.00

18/03/2024

72.30

69.00

WEEKLY AVERAGE

65.71

64.13

 

Oil Market Brief

In the oil sector, prices swung in response to world events, varying demand, and supply strategies. Despite starting the week lower due to global economic worries, oil prices rebounded, reflecting optimism in the market


In-Depth Analysis

At the start of the week, apprehensions over economic growth and production cutbacks set a cautious tone. Midweek shifts brought further price adjustments, while the week's end saw prices peaking, buoyed by positive demand projections and supply jitters linked to regional tensions.

 

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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