Gas prices reduce again as demand drops

Gas prices continued their downward trajectory on Wednesday, pressured by unseasonably low demand and bearish moves across carbon and coal markets.

The biggest moves were posted at the front-end with the May 24 front-month contract shedding an additional 0.05p/kWh when compared to its previous close.

Forecasts of below average demand remained a prime driving force. The latest run of our 14-day demand forecast model shows below average demand is expected until at least 17th April, thanks in part to the unseasonably mild and windy weather conditions we are currently seeing.

Contracts further out may have traced weakness within the wider energy complex; data from ICE shows that the Carbon EUA and Rotterdam Coal benchmark contracts saw day-on-day losses of 2.2% and 3.3% respectively.

In other news, the Biden administration has rejected a proposal from Republican House Speaker Mike Johnson that sought to lift the pause on new LNG projects. The proposal suggested that any profits from new terminals could be directed towards providing financial aid for Ukraine.

This morning, although prices were initially being seen at circa 0.034p/kWh above their previous settlements, most are now being seen very much line when compared to yesterdays close.

The UK is currently consuming 34.74 GW’s of electricity (11:30 – 12:00).

Wind is currently generating 6.62 GW’s (17.82%) of the UK’s electricity with gas having to contribute 10.85 GW’s (29.22%) at the time of writing.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.

Back to the Latest News

Our Supplier Panel

The Energy Advice Line is the UK's leading online price comparison and switching service dedicated to small and medium sized businesses in the UK.

Our online quotation engine has been designed to facilitate speedy but accurate commercial electricity and gas prices – all at the click of a button to allow you to search the market for the lowest prices from an extensive panel of suppliers and contract options.

1 5 16 17 13 71 14 110 22 28 44 58 31 51 36 60 46 65 70 79 81

Customers Love Us !

Say 'No' to cold calling on business energy

Unfortunately, business electricity and business gas customers in the UK are bombarded with unsolicited cold calls on a daily basis.

This unscrupulous approach does not offer the business energy customer an impartial view on the market and the price offered is more often 20-30% above the current retail price for electricity or gas.

At Energy Advice Line we strongly advise customers to not accept these offers and follow our simple steps to ensure that they are not locked into an uncompetitive contract.

Join our cold calling campaign here, and spread the word to say 'no' to cold calling on business energy!

Say No To Cold Calling on Business Energy