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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 22/01/2024

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

Last week, the UK energy market experienced notable changes, with a general downward trend in both gas and electricity prices. These movements were influenced by varying weather conditions, fluctuations in supply, and shifts in demand.

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


Weekly Gas and Power Market Review: 15/01/2024 - 22/01/2024

Detailed Price Movements:

  • Start of the Week: Gas prices opened at 76.50 p/th and electricity at £87.00/MWh on 15/01/2024. The market reacted to the anticipated cold spell across the UK, expecting a rise in heating demand.

  • Midweek Trends: By 17/01/2024, gas prices had slightly decreased to 69.25 p/th, while electricity rates also saw a reduction to £76.50/MWh. The changes were due to a mix of muted demand expectations for the following week and a well-supplied market, despite the ongoing cold conditions.

  • End of the Week: The week concluded on 19/01/2024 with gas prices at 68.75 p/th and electricity at £65.75/MWh. This downward trend was driven by a significant decrease in local demand due to warmer weather and strong winds, impacting both gas and electricity consumption.

graph to show last weeks wholesale energy movements

Current Market Rates

The new week began on 22/01/2024 with gas prices at 65.25 p/th and electricity prices at £57.00/MWh. These rates reflect the changes in weather conditions, with milder temperatures and stronger winds, leading to decreased demand.

Key Influences on the Market:

  • The arrival of a warm spell and strong winds in the UK led to a considerable drop in local demand.

  • The LNG supply remained robust, with several cargo arrivals and stable sendouts.

  • Fluctuations in renewable energy generation, especially wind power, significantly impacted electricity prices.

  • Norwegian and UK Continental Shelf (UKCS) supplies showed stability, adding to market confidence.

snapshot of wholesale energy markets compared to 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 wholesale market movements over the last 12 months

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: 22/01/2024 - 29/01/2024

As we progress into the next week, we anticipate continued fluctuations influenced by weather forecasts, renewable energy outputs, and supply stability. Businesses should remain vigilant, especially those with upcoming contract renewals, to leverage potential market opportunities.

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: 15/01/2024 to 22/01/2024


The oil market experienced a week of diverse fluctuations driven by geopolitical events, supply dynamics, and economic indicators.

Start of the Week:

  • 15/01/2024: Oil prices rose by 1% following military actions in the Middle East and the redirection of oil tankers away from the Red Sea. Brent crude futures increased by 1.1% to $78.29 a barrel, while WTI crude futures climbed 0.9% to $72.68.

Midweek Trends:

  • 16/01/2024: Prices slightly weakened due to limited impact of Middle East conflicts on crude output. Brent crude futures settled at $78.15 a barrel.

  • 17/01/2024: Oil prices saw little change. Brent crude settled at $78.29 a barrel, while WTI crude ended at $72.40 a barrel, influenced by the strengthening dollar.

  • 18/01/2024: Prices remained nearly flat, with Brent crude at $77.88 a barrel and WTI crude at $72.56, as severe cold in the U.S. affected oil production but was offset by weak economic growth in China.

End of the Week:

  • 19/01/2024: Oil prices increased with Brent crude settling at $79.10 a barrel and WTI crude at $74.08, driven by the IEA’s forecast of strong global oil demand and disruptions in U.S. crude output.

  • 22/01/2024: The week concluded with a slight decrease in oil prices, yet recorded a weekly gain. Brent futures settled at $78.56 a barrel and WTI crude at $73.41, as Middle East tensions and production disruptions balanced concerns about the global economy.

Key Influencing Factors:

  • Geopolitical risks in the Middle East, particularly actions against Houthi targets in Yemen and tensions in Gaza, influenced oil prices.

  • Supply disruptions, notably in the U.S. due to cold weather and ongoing outages in Libya, affected the market.

  • Economic indicators, such as the U.S. dollar strength and China's economic growth, played a significant role in price movements.

Forecast for the Upcoming Week:

The oil market is expected to remain sensitive to geopolitical developments in the Middle East and supply disruptions. Economic data, particularly relating to global and Chinese growth, will also be critical in shaping oil prices. Market participants should closely monitor these evolving factors for potential impacts on the oil market.


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.


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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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Have More Questions?

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    Our switching service allows you to switch multiple utilities simultaneously. We have successfully assisted multiple businesses in the UK by helping them save on various services such as energy and water with savings within 2023 already over the £2 Million mark.
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    Switching business utilities involves a straightforward process. Here's a general overview of how it works: Evaluation: Start by assessing your current utility bills and usage patterns. This will give you an idea of your current costs and help identify areas where savings can be made. Comparison: Use a switching service like ours to compare different utility providers in your area. We provide you with quotes from multiple suppliers, allowing you to compare prices, contract terms, and services offered. Selection: Based on the comparison results, choose the utility provider that best meets your needs and budget. Consider factors such as price, customer reviews, contract terms, and any additional services or benefits offered. Contract Negotiation: Once you've chosen a new provider, our team can help negotiate the contract terms and rates on your behalf. Switching Process: The switching service will coordinate the transition with your current supplier and the new provider. This may involve submitting termination notices, arranging meter readings, and scheduling the activation of new services. Enjoy the Savings: After the switch, you'll start receiving services from your new provider, typically at the agreed-upon rates. You will notice savings on your utility bills, providing you with cost advantages for your business. Remember, the exact process may vary depending on the type of utility you are switching, but our switching service aims to simplify the process and assist you at every step.
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  • What is energy procurement?
    Energy procurement is the process of sourcing, negotiating, and securing energy contracts to meet the specific needs of a business. It involves analysing energy consumption patterns, understanding market trends, and negotiating with suppliers to obtain the best possible rates and contract terms.
  • Why is energy procurement important for my business?
    Energy procurement ensures that your business secures energy contracts that are both cost-effective and aligned with your operational needs. Proper energy procurement can lead to significant cost savings, budget predictability, and reduced risks associated with volatile energy markets.
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  • How do you ensure I get the best energy rates?
    Our team continuously monitors the energy market, staying updated with trends, price fluctuations, and supplier offerings. Coupled with our in-depth analysis of your energy needs and consumption patterns, we negotiate with suppliers to secure rates that are both competitive and suited to your business.
  • Are there any hidden fees associated with your energy procurement services?
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