Resource

06 Nov 2024

Monthly Market Report: October

Monthly Market Report: October

5.90%

increase in gas prices.

4.41%

increase in power prices.

Stay informed on the latest trends, news, and forecasts in the UK energy market with valuable insights from our energy market specialists. Understand the developments in October and the forward looking trends, so you can enhance your energy procurement strategy and make decisions with confidence.

Whether you are navigating the complexities of a fixed price contract or exploring a more flexible energy arrangement, our team is here to support you. We offer expertise in continuously monitoring market conditions to provide valuable insights, empowering you to make well-informed decisions. Our tailored approach ensures your specific needs and risk appetites are met.

October brought a volatile market environment, with gas and power prices generally trending upwards despite some market dips. Geopolitical events, such as the US elections, UK Autumn budget and conflict progressions surrounding Ukraine and the Middle East, all add market pressure which, combined with supply restrictions and low demand, have led to prices rising.

To stay up to date with the day to day happenings in the energy market, check out our daily market watch report.

We advise customers to consider locking in forward rates well in advance to ensure budget certainty into 2025 (depending on risk tolerance) – taking full advantage of the backwardation in the market which is currently presenting favourable energy procurement opportunities.

Callum Taylor

Energy Market Analyst

Zenergi

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