top of page
Keyboard and Mouse

Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 29/08/2023

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 Wholesale Energy Market Report: Gas & Power Markets

The week from the 22nd to the 29th of August 2023 saw considerable volatility in both the gas and power markets. Influences ranged from industrial actions in Australia to weather conditions affecting supply and demand.

Gas Market: 22nd August 2023: The week began with the National Balancing Point Day-Ahead (NBP DA) contract closing at a high of 107p/th, influenced by slower wind speeds and the end of a heatwave, which increased gas for power and local demand.

23rd August 2023: The NBP DA contract experienced a decrease, closing at 92.70p/th. Lower wind speeds and extended outages at Troll were significant factors.

24th August 2023: The NBP DA contract dropped to 80.90p/th, influenced by a deal between Woodside Energy and the Australian Workers Union, which eased market uncertainty.

25th August 2023: The NBP DA contract increased slightly to 86.55p/th. The potential for industrial action at Chevron's facilities was a key influencer.

29th August 2023: The week concluded with the NBP DA contract at 93.98p/th. Workers at Chevron’s LNG facilities in Australia voting in favor of industrial action drove this bullish sentiment. Power Market:

Electricity prices also experienced fluctuations, starting at £106.75/MWh on the 22nd, peaking at £112.00/MWh on the 23rd, declining to £95.00/MWh on the 25th, and closing at £92.75/MWh on the 29th.

Key Points:

  1. Industrial Actions: Labor disputes and potential strikes in Australia significantly impacted both gas and power prices.

  2. Weather Conditions: Changes in wind speeds and the end of a heatwave influenced gas for power demand.

  3. Facility Outages: Various facilities and reactors undergoing maintenance or outages played a role in price movements.

Graph of the Last Week's Movements:

Let's take a visual look at the past week's gas and power market movements

graph showing wholesale weekly energy market movements

snapshot of wholesale energy market movements


As we enter the upcoming week, the market is expected to remain volatile, influenced by ongoing labor disputes in Australia and their potential impact on global LNG supplies.


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)























Weekly Wholesale Energy Market Report: Oil Markets

The oil market experienced a week of volatility, with prices fluctuating due to a variety of factors ranging from global demand concerns to geopolitical events and economic data.

Brent Crude and WTI Performance

  • 22/08/2023: Brent crude closed at $84.46, down 0.4%, while WTI settled at $80.72, down 0.65%. The market was influenced by fading hopes for Chinese demand and concerns over U.S. interest rates.

  • 23/08/2023: Brent crude settled at $84.03, down 0.5%, and WTI at $79.64. The sluggish economic activity in China and the possibility of further U.S. interest rate hikes weighed on the market.

  • 24/08/2023: Brent crude was down 1% at $83.21, and WTI was down 0.9% at $78.89. A build in U.S. gasoline stocks and weak global manufacturing data contributed to the decline.

  • 25/08/2023: Brent crude closed at $83.36, and WTI at $79.05. Prices rebounded slightly after a report of declining gasoil stocks in Europe.

  • 29/08/2023: Brent futures rose 1.3% to $84.48, and WTI rose 1% to $79.83. A fire at a Louisiana refinery and a drop in the number of oil rigs contributed to the rise.

Key Points

  • Demand Concerns: Sluggish economic growth in China and the U.S. raised concerns about future oil demand.

  • Supply Factors: OPEC and Russia's production cuts aimed at balancing supply with demand had a notable impact.

  • Economic Indicators: U.S. interest rates and economic data from Germany and the Eurozone influenced market sentiment.

  • Unexpected Events: A fire at a Louisiana refinery added to the market volatility.


The market is expected to remain volatile in the coming week, with a focus on economic indicators and geopolitical events. Investors will be closely watching the U.S. Federal Reserve's next moves and any developments in China's economic recovery.


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 showing 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.


Ready to Renew?

Contact us today to discuss the contract options for your next energy renewal. Our experts can provide tailored quotes to help enhance your energy strategy.

13 views0 comments


Keep Up To Date With Market Updates


Securing your next energy contract at the optimum moment is essential for fully realising your savings opportunities. Provide your details below to gain access to weekly market updates, giving you the advantage to make informed purchasing decisions at the right time.


Bid farewell to aggressive sales approaches from other brokers and take charge with confidence!

You're Subscribed! Look out for your first report soon!

Have More Questions?

  • Is it possible to change multiple business utilities at the same time?
    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.
  • How much can I save on my business utility bills?
    The amount you can save on your business utility bills will depend on various factors such as your current usage, the rates offered by different providers, and the specific deals available in your location. However, our switching service is designed to help you find the best deals and save as much as possible. By comparing multiple suppliers and negotiating competitive rates, we aim to maximise your potential savings. Get in touch with us to discuss your specific needs and get personalised information on potential cost savings for your business utility bills.
  • How does switching business utilities work?
    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.
  • Who are the cheapest business utility providers?
    As market conditions and prices fluctuate regularly, it's challenging to provide an up-to-date and definitive list of the cheapest business utility providers. The prices we provide you are valid and available on the day of the quote and will provide most current and competitive deals available. Our switching service helps you compare prices and offers from multiple suppliers, ensuring you have the most accurate and relevant information to make an informed decision about your business utility provider.
  • 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.
  • How does The Smart Energy Company help with energy procurement?
    We specialise in analysing your energy consumption, understanding your specific needs, and leveraging our relationships with over 20 suppliers to negotiate the best possible contracts on your behalf. Our team ensures you get optimal rates, flexible terms, and contracts that align with your business goals.
  • 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?
    Transparency is a core value at The Smart Energy Company. We provide a clear breakdown of any commission we earn as a company when you come to agree any new energy contract. This is typically included as an uplift in your unit rate and paid to us by the supplier you chose to go to. Our primary goal is to secure the best energy deals for you, with no hidden costs.
Business Meeting

Unlock the Potential of
Your Business Energy

At The Smart Energy Company, we're committed to offering tailored solutions that fit your energy needs perfectly. By staying ahead of market trends, we ensure you're always equipped with the most efficient and sustainable energy options. We take pride in our client-driven approach, where your feedback shapes our continuous improvement.


Why not schedule a complimentary consultation with one of our energy experts today? Let's find the perfect energy solution tailored to your business.

See What Our Clients Say About Us


Very helpful, quick expert advice. We have been using Smart Energy for a while.


Ian Hughes

Operation Manager

Group of Bars

bottom of page