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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 20/11/2023

image showing up arrows to show the gas and electricity wholesale markets increased from this time last week and at what percentage it went up by

Your Weekly Guide to UK Energy Markets

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 Gas & Power Market Review: 13/11/2023 - 20/11/2023

Gas Market Dynamics

  • Start of the Week (13/11/2023): The week opened with gas prices at 95.00 p/th, reflecting a bearish market sentiment due to warmer temperatures and high imports from Norway. The market was positioned for changes influenced by maintenance schedules and colder weather forecasts.

  • Midweek Fluctuations (14/11/2023 - 15/11/2023): Gas prices saw an upward trend, reaching 109.00 p/th on 14/11 and 107.75 p/th on 15/11. This increase was driven by delayed restarts at Oseberg and Gullfaks, and extended maintenance at Barrow North, despite a resumption of supply from the Tamar field by Chevron.

  • Towards the Week's End (16/11/2023 - 17/11/2023): The market showed slight variations, with gas prices slightly rising to 104.98 p/th on 16/11 and then decreasing to 104.75 p/th on 17/11. The market responded to changing demand forecasts and ongoing maintenance activities.

  • Start of the New Week (20/11/2023): Gas prices opened at 113.50 p/th, influenced by colder weather forecasts increasing demand projections. The balance between robust supply and rising demand due to colder, less windy weather is a key factor.

Power Market Trends

  • Renewable Generation's Impact: The fluctuations in wind power generation impacted the gas-for-power demand, reflecting the interdependence between renewable output and gas market trends.

  • Electricity Price Movements:

    • 13/11/2023: Electricity prices started at £90.00/MWh.

    • 14/11/2023: A significant drop to £85.50/MWh was observed, influenced by strong renewable output and warm weather reducing demand.

    • 15/11/2023: Prices surged to £125.50/MWh, possibly due to lower wind generation and increased gas-for-power demand.

    • 16/11/2023: Slight decline to £111.00/MWh.

    • 17/11/2023: Further decrease to £94.50/MWh, reflecting stabilizing market conditions.

    • 20/11/2023: Opening at £106.00/MWh, indicating an alignment with rising gas prices and changing demand forecasts.

Key Observations

  • Weather Influence: Transitioning weather patterns played a crucial role in shaping energy consumption and prices throughout the week.

  • Maintenance and Supply Factors: Maintenance activities and supply dynamics from key gas fields and LNG sources contributed to the market's volatility.

  • Interplay of Gas and Electricity Markets: The close correlation between gas and electricity markets was evident, with renewable generation and weather conditions influencing both.


The upcoming period in the gas and power markets is likely to be influenced by a combination of colder weather forecasts, renewable output, and supply stability. Stakeholders should continue to monitor these evolving factors to navigate the market effectively.

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 the movements of wholesale energy prices in the last week
comparison of wholesale energy prices from this time yesterday, last week, month and year

Forecast for the Upcoming Week: 20/11/2023 to 27/11/2023

Looking ahead, the UK energy market anticipates several influencing factors:

  • Weather Forecast: Colder weather is expected, which could increase heating demand and exert upward pressure on energy prices.

  • Renewable Energy Output: Variability in wind generation might influence gas-for-power demand, impacting both gas and electricity prices.

  • Supply Dynamics: Ongoing maintenance activities and the stability of Norwegian and LNG flows are crucial, with any changes potentially affecting the market balance.

  • Market Response to External Factors: Global geopolitical events and broader energy market trends may create uncertainty, influencing market sentiment.

  • Demand-Supply Balance: High gas storage levels limit the market's ability to absorb demand surges or supply disruptions, potentially leading to price volatility.

  • Market Sentiment: Traders will likely react to immediate supply-demand fundamentals and geopolitical risks.

The combination of these factors suggests the possibility of continued volatility in the UK energy market, with stakeholders advised to stay alert to rapid changes.


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 Market Summary: 13/11/2023 to 20/11/2023


Last week, the oil market experienced a series of declines and modest rebounds. The fluctuations were influenced by a combination of geopolitical and economic factors.

Start of the Week (13/11/2023)

  • Oil prices gained around 2% as Iraq supported OPEC+ oil cuts. Brent futures rose to $81.43 a barrel, and WTI crude to $77.17.

  • However, the week ended with a 4% loss, marking the third consecutive weekly decline.

Midweek Movements

  • 14/11/2023: Brent crude increased to $82.52 a barrel, finding support around the $80 mark.

  • 15/11/2023: Prices remained relatively stable. Brent fell slightly to $82.47 a barrel; WTI crude held at $78.26.

  • 16/11/2023: Prices dropped, with Brent at $81.18 a barrel and WTI crude at $76.66, influenced by U.S. inventory rises and record production.

Week's End (17/11/2023)

  • Oil prices dropped significantly, reaching a four-month low. Brent futures settled at $77.42 a barrel, and WTI crude at $72.90.

  • The decline was driven by concerns over global oil demand following weak economic data from the U.S. and Asia.

Start of the New Week (20/11/2023)

  • Brent crude rebounded above $80, indicating a recovery from its recent low.

Key Points

  • Geopolitical Developments: Middle East tensions initially influenced prices, but the focus shifted as supply concerns eased.

  • Economic Indicators: Economic data from the U.S. and China played a significant role in shaping market expectations.

  • Supply Dynamics: Decisions by OPEC and changes in U.S. oil production levels were key monitoring points.

Forecast for the Upcoming Week: 20/11/2023 to 27/11/2023

  • The oil market may continue to be volatile, influenced by geopolitical developments, economic indicators, OPEC+'s decisions on output cuts, and demand outlooks. Market participants should stay alert to these evolving dynamics.

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 wholesale market movements over the last 12 months

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.

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