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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 19/02/2024

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

This past week, the UK energy market experienced significant trends, driven by shifting weather patterns, supply dynamics, and demand fluctuations. Gas prices have declined for the 10th consecutive day, while electricity prices also trended downwards, despite a brief increase on 09/02/2024, underscoring the complex interplay of factors shaping the market.

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


Weekly Gas and Power Market Review: 12/02/2024 - 19/02/2024

Detailed Price Movements:

  • Start of the Week: Gas prices stood at 63.50 p/th, and electricity prices at £64.00/MWh on 12/02/2024, reflecting anticipation of milder weather and a well-supplied market.

  • Midweek Adjustments: Prices experienced a downward trend midweek, with gas dropping to 62.75 p/th and electricity to £63.00/MWh by 13/02/2024. The market reacted to warmer weather forecasts and a reduction in heating demand.

  • End of the Week: The week saw a further decrease in prices, concluding with gas at 59.90 p/th and electricity at £62.00/MWh on 16/02/2024. The trend was driven by an increase in LNG cargoes expected by the end of the week and continuing mild weather, easing demand pressures.

graph to show the last 7 days wholesale market movements

Current Market Rates

As of 19/02/2024, the market opened with gas prices at 57.25 p/th and electricity at £56.75/MWh. These rates indicate a continuation of the bearish trend observed at the week's end, with expectations of further mild weather and ample supply affecting the market.

Key Influences on the Market:

  • Weather Conditions: Warmer than average weather significantly influenced demand levels, contributing to the downward pressure on prices.

  • Supply Levels: High storage levels across Europe and the arrival of several LNG cargoes ensured a steady supply, further softening the market.

  • Wind Generation: Increased wind generation capacity towards the week's end played a crucial role in reducing the demand for gas-powered electricity generation.

snapshot of wholesale market prices 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 last 12 months wholesale energy market movements

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: 19/02/2024 - 26/02/2024

Looking ahead, the market might continue to see reduced prices, influenced by the expected continuation of mild weather and robust supply levels. Stakeholders should monitor weather forecasts and LNG arrivals closely, as these factors will likely dominate market dynamics in the short term.

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


The oil market this week was marked by fluctuations influenced by geopolitical developments, economic data, and shifts in supply dynamics. Prices oscillated as the market responded to various global events and forecasts.

  • Beginning of the Week: The week started on an upbeat note with prices climbing, buoyed by ongoing tensions in the Middle East and concerns over supply disruptions. Brent crude futures saw a rise to $82.19 a barrel, and WTI crude to $76.84, reflecting market sensitivities to geopolitical strife and its potential impact on oil flows.

  • Mid-Week Movements: Midweek brought mixed movements in oil prices. Initial gains were pared back amid speculations around interest rates and global demand, particularly due to economic signals from the U.S. and forecasts about oil demand peaking. Prices adjusted as Brent futures slightly dipped to $82.00 a barrel, while WTI crude nudged up to $76.92.

  • End of the Week: Towards the end of the week, oil prices demonstrated volatility, with significant shifts influenced by changes in U.S. retail data, inventory levels, and evolving geopolitical scenarios. The IEA's slight reduction in global demand forecasts and mixed economic indicators from major economies led to varied closing figures, with Brent futures adjusting and WTI crude reflecting cautious market sentiment.

Key Influencing Factors:

  • Economic Indicators: U.S. jobs data and retail sales figures, along with economic downturns in Japan and the UK, played critical roles in shaping market expectations and influencing oil demand projections.

  • Geopolitical Tensions: Continued unrest in the Middle East, including actions by Israel and the situation in Yemen, alongside tensions in Eastern Europe, notably affected market perceptions of supply risk.

  • Supply Disruptions: Unexpected changes in U.S. crude inventories and production levels, as well as supply adjustments in Libya and Norway, impacted global oil supply levels.

Market Outlook:

Looking ahead, the oil market remains susceptible to a range of influencing factors. Geopolitical tensions, economic data from leading economies, and supply-side dynamics will continue to be pivotal in determining the direction of oil prices. Market participants should stay attuned to these developments, as they will likely drive price movements in the near term.


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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  • What is energy procurement?
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