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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 26/02/2024

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 in the UK energy market has seen a complex interplay of factors driving the movements in gas and electricity prices. The week was marked by fluctuations influenced by weather conditions, supply dynamics, maintenance activities, and demand forecasts.

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


Weekly Gas and Power Market Review: 19/02/2024 - 26/02/2024

Detailed Price Movements:

  • Start of the Week: The week commenced on 19/02/2024 with gas prices at 56.25 p/th and electricity prices at £56.75/MWh. The market was influenced by mild weather forecasts and high storage levels, indicating a potential for price adjustments.

  • Midweek Adjustments: Prices saw varied movements through the week. A notable decline occurred on 20/02/2024, with gas dropping to 55 p/th, attributed to bearish fundamentals and a well-supplied market. Electricity prices reflected similar trends, adjusting in response to the gas market and wind generation outputs.

  • End of the Week: Towards the end of the week, gas prices attempted a recovery, peaking at 58.67 p/th on 22/02/2024, driven by colder weather forecasts and increased demand expectations. However, this bullish sentiment was short-lived as prices adjusted down to 57.5 p/th on 23/02/2024, amidst strong Norwegian exports and high LNG stock levels.

snapshot of market movements from last week, month and year

Current Market Rates

As the new week began on 26/02/2024, the market opened with gas prices slightly higher at 58.75 p/th and electricity at 61.50/MWh. These opening rates reflect the ongoing adjustments in the market in response to changing supply and demand dynamics.

Key Influences on the Market:

  • Weather Conditions: Fluctuating weather forecasts, particularly the arrival of colder weather, influenced heating demand and market prices.

  • Supply Levels: The market remained well-supplied, thanks to high storage levels and the steady flow of LNG cargoes, impacting price movements.

  • Demand Shifts: Changes in demand, especially for heating and power generation, were key drivers behind the price fluctuations observed throughout the week.

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 last 12 months wholesale 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: 26/02/2024 - 04/03/2024

The market outlook remains subject to weather conditions, supply stability, and demand fluctuations. Stakeholders should closely monitor these factors9as they navigate the energy market, especially with the anticipation of colder weather potentially affecting demand and prices.

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


The oil market experienced fluctuations over the past week, influenced by adjustments in global demand forecasts, geopolitical tensions, and shifts in supply dynamics.

  • Beginning of the Week:The week started with oil prices showing volatility, as the International Energy Agency (IEA) slightly adjusted its global demand forecasts for 2024. This, coupled with economic contractions in Japan and the UK, influenced market sentiment. Brent crude settled at $83.56 a barrel on 20/02/2024, reflecting these mixed signals.

  • Mid-Week Movements:By midweek, concerns over global demand continued to pressure oil prices, with Brent futures settling 1.5% lower at $82.34 a barrel on 21/02/2024. Geopolitical tensions, particularly the ongoing conflict between Israel and Hamas, added complexity to the market's direction, despite potential supply tightness indicated by market structures.

  • End of the Week:Towards the week's end, prices rebounded slightly amid continuing hostilities in the Middle East and concerns over near-term supply tightness. However, a significant build in U.S. crude inventories limited the gains, with Brent crude settling at $83.67 a barrel on 23/02/2024.

Key Influencing Factors:

  • Geopolitical Tensions: Ongoing conflicts in the Middle East, particularly between Israel and Hamas, and increased hostilities near Yemen by the Iran-aligned Houthis, played a significant role in market dynamics.

  • Global Demand Concerns: Adjustments in demand forecasts by the IEA and economic indicators from the U.S., Japan, and the UK influenced market sentiment towards the demand outlook.

  • Supply Dynamics: Signs of near-term supply tightness and inventory builds affected price movements, with refineries returning from maintenance affecting stockpile levels.

Market Outlook:

Looking ahead, the oil market remains sensitive to geopolitical developments, economic indicators, and supply adjustments. Stakeholders should closely monitor these factors as they are likely to influence price trajectories 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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Have More Questions?

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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?
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  • How do you ensure I get the best energy rates?
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