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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 30/10/2023

Image to show in arrows the direction of the wholesale market since last week with percentage differences shown

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 Movements: 23/10/2023 to 30/10/2023

Start of the Week:

The week began on 23rd October with gas prices at 118.50 p/th and electricity prices at £105.00/MWh.

Midweek Movements:

By 26th October, gas prices slightly increased to 118.00 p/th, a minor change of about 0.42%, while electricity prices saw a decrease to £104.00/MWh, a drop of approximately 0.95%. The market was influenced by geopolitical tensions and weather forecasts.

Week's End:

The week concluded on 30th October with the market opening at gas prices of 128.50 p/th, a significant increase of about 8.44% from the start of the week. Electricity prices also increased to £95.00/MWh, a decrease of about 9.52% compared to the start of the week.

Key Points:

  • Gas Supply: Geopolitical tensions and upcoming cold weather are the main bullish factors.

  • Weather: Milder temperatures are expected this week, but colder weather is forecasted for next week.

  • Global Events: Geopolitical tensions continue to be a significant influence on the market.

Start of the New Week: 30/10/2023

The new week opened with gas prices at 128.50 p/th and electricity prices at £95.00/MWh. Compared to the start of last week, gas prices have increased by 8.44%, while electricity prices have decreased by 9.52%.

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 the wholesale market movements in the last week for gas and electricity
snapshot of market movements from last week, month and year

Forecast for the Upcoming Week: 30/10/2023 to 06/11/2023

As we move into the new week, several factors are expected to influence the UK's energy markets:

  1. Weather Conditions: The latest 15-day forecast suggests milder temperatures for the first part of the week. However, a significant drop in temperatures is expected starting from next Monday, which could increase heating demand.

  2. Geopolitical Tensions: The ongoing conflict between Israel and Hamas continues to add a risk premium to the market. Any escalation could have a more pronounced impact on prices.

  3. Supply Dynamics: LNG sendout is expected to drop, and the UK system opened the week with a short supply. Maintenance work on the SEGAL pipeline has been extended, affecting flows.

  4. Storage Levels: European gas storage is nearly full, limiting the room for further injections. This could become a concern if demand spikes due to colder weather.

  5. Global Events: Keep an eye on geopolitical developments and any announcements from major oil and gas producers, as these could quickly shift market sentiment.

Given these factors, we anticipate a volatile week ahead with potential for both upward and downward movements in gas and electricity prices. Market participants should remain vigilant and consider hedging strategies to mitigate risk.


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: 23/10/2023 to 30/10/2023

Start of the Week:

Oil prices began the week with Brent crude futures at $92.16 a barrel and WTI futures at $88.75 a barrel. The market was focused on the Middle East due to ongoing tensions between Israel and Hamas.

Midweek Movements:

By 25th October, Brent crude had fallen to $88.07 a barrel, a decrease of about 4.4%, while WTI crude dropped to $83.74 a barrel, a decrease of about 5.6%. The decline was influenced by slow economic data from Europe and concerns about global energy demand.

Week's End:

The week concluded on 30th October with Brent crude at $90.48 a barrel, a decrease of about 1.8% from the start of the week. WTI crude also ended at $85.54 a barrel, a decrease of about 3.6% compared to the start of the week.

Key Points:

  1. Geopolitical Tensions: The ongoing conflict between Israel and Hamas continues to add a risk premium to oil prices.

  2. Economic Data: Slow economic data from Europe has weighed on the outlook for energy demand.

  3. Global Events: U.S. military actions and mediation talks have also influenced oil prices.

Forecast for the Upcoming Week: 30/10/2023 to 06/11/2023

The oil market is expected to remain volatile in the coming week, with geopolitical tensions in the Middle East continuing to be a significant factor. The ongoing conflict between Israel and Hamas could escalate, potentially affecting global oil supplies. Additionally, economic indicators from Europe and the U.S. will be closely watched, as they could influence global energy demand. Brent and WTI crude prices may continue to fluctuate, influenced by these geopolitical and economic factors.

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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