Wholesale gas prices continue to fall

Gas prices continued to shed value on Tuesday as market fears surrounding Hurricane Beryl receded.

Substantial losses were posted across the majority of contracts, with the Winter 24 front-season contract tumbling 2.4p/therm (0.082p/kWh) to its lowest settlement since May 16th of this year.

The landfall of (Category 1) Hurricane Beryl on the Texas coast resulted in widespread damage and power outages but the damage to oil and gas infrastructure so far appears to be limited. This possibly removed an element of risk premium out of the market yesterday, with Beryl now downgraded to a ‘Post-Tropical Cyclone’ and most Europe-facing export facilities now ramping back up toward normal levels.

A strong uptick in wind power once again helped to curb gas demand, despite unseasonably high domestic demand. Data from National Grid shows that wind turbine generation surged from 1.9GW to 9.7GW (33% of the generation stack) across Tuesdays gas-day, thus suppressing gas-for-power (CCGT) demand and aligning with a 5% drop in total GB gas demand.

This morning, most contracts are being offered at a slight premium when compared to their previous settlement, although many have yet to trade at 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.

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