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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 29/04/2024

Welcome to our 'Weekly Energy Market' update, where we dissect the latest trends and changes from 22nd to 29th April 2024. Your guide through the fluctuations of the last week: revealing trends, insights, and forecasts in the UK energy and oil markets.

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

Weekly Energy Market At A Glance


Gas and Electricity Price Movements:


  • Gas Prices: A notable decrease was observed, starting the week at 75.00 p/th and tapering off to 71.75 p/th.

  • Electricity Prices: Followed suit with a drop from 73.00 £/MWh to 64.40 £/MWh, indicating increased supply or reduced demand.


Factors Influencing Price Changes:


  • Weather Impact: The mild temperatures led to a reduced need for heating, contributing to the drop in gas and electricity prices.

  • Supply Adjustments: Maintenance and outages, notably at the Nyhamna gas plant, alongside global political tensions, injected volatility into the market.

snapshot of wholesale market data in comparison to yesterday, last week, month and year
 

A Deeper Dive: Daily Energy Price Dynamics


Understanding the day-to-day price changes is key for strategic energy procurement.

DAY AHEAD PRICES

Gas (pence per therm)

Electric (£ per MWh)

22/04/2024

75.00

73.00

23/04/2024

71.48

69.75

24/04/2024

73.78

74.75

25/04/2024

78.00

76.25

26/04/2024

73.50

69.50

29/04/2024

71.75

64.40

WEEKLY AVERAGE

73.92

71.28

Weekly Average: Gas prices averaged at 73.92 p/th, and electricity settled at 71.28 £/MWh.

 

Last Week vs. This Week:

Comparing to the previous report, the market has shown a downward correction in both gas and electricity prices, suggesting a more balanced supply-demand equation.

 

Looking Forward: Market Forecast


The upcoming week may bring price fluctuations in response to:


  • Ongoing maintenance at Norwegian gas fields

  • Weather changes influencing demand

  • Geopolitical developments impacting supply routes, particularly in the oil sector


We will keep you updated on these changes, translating market complexities into actionable insights.

 

Oil Market Brief


Last week's oil market navigated through geopolitical tensions, economic announcements, and supply concerns.


  • Start of the Week: Slight increases in prices amid Middle East tensions, with Brent at $87.29/barrel and WTI at $83.14/barrel.

  • Midweek Adjustments: Prices moderated to $87.00/barrel for Brent and $82.85/barrel for WTI, reflecting eased concerns.

  • Week's End: Prices nudged higher to $89.50/barrel for Brent and $83.85/barrel for WTI, amid geopolitical unease tempered by economic factors.


The oil market's volatility highlights the sensitivity to global events and the balancing act between supply risks and economic health.

 

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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