The 2024 energy market was marked by a blend of opportunities and challenges shaped by geopolitical tensions, storage dynamics, and the global energy transition. Each month brought unique trends—from mild weather easing early-year costs to rising demand and supply risks toward winter. This summary provides key highlights throughout the year of 2024.
January 2024
January saw stable prices supported by mild weather, high EU gas storage, and steady LNG imports. Despite Middle East tensions and Red Sea disruptions, buyers benefited from favourable contract opportunities.
February 2024
Energy prices stabilised with strong storage and mild weather. LNG expansions and nuclear projects offered optimism, while finalising Q1 renewals was critical amidst falling demand and bearish trends.
March 2024
March experienced minor price increases amid robust storage and LNG inflows. Long-term trends stayed bearish, but geopolitical tensions and storage refilling challenges sparked price volatility.
April 2024
April saw rising prices due to Middle East tensions and limited LNG supply. Robust EU storage and renewable growth offset risks, highlighting the value of strategic contract planning for winter needs.
May 2024
Geopolitical tensions dominated May, with robust EU gas storage balancing market volatility. Heatwaves and low demand softened risks, while buyers were advised to secure longer-term contracts.
June 2024
High EU gas storage and mild weather stabilised prices in June, but geopolitical risks and delayed wind projects caused volatility. Long-term contracts gained appeal amid mixed signals.
July 2024
July was marked by stable UK energy prices despite geopolitical tensions and supply disruptions. Labour’s renewable push and mild weather favoured long-term contracts amidst market uncertainties.
August 2024
Rising gas prices defined August due to heatwaves and Middle East conflicts. However, strong EU storage and LNG arrivals stabilised the market, with long-term deals offering cost predictability.
September 2024
September’s prices fluctuated with Norwegian gas maintenance and mild weather. EU storage remained high, balancing risks from Middle East conflicts. Long-term contracts suited risk-averse buyers.
October 2024
Geopolitical tensions and winter demand drove October volatility. Robust EU storage and renewables mitigated risks, but disruptions in the Middle East stressed long-term energy planning.
November 2024
November saw higher energy prices as cold weather drove demand. Renewables expanded, and geopolitical risks persisted. Long-term contracts emerged as a strategy for mitigating cost volatility.
December 2024
December’s markets stabilised with record LNG imports and resilient storage levels. Milder weather eased demand, but geopolitical risks highlighted the need for vigilant energy planning.
The 2024 energy market underscored the importance of adaptability, as stakeholders navigated shifting weather patterns, supply risks, and geopolitical uncertainty. The growing role of renewables and strong storage levels offered stability, but rising demand and global conflicts stressed the need for proactive strategies. Balancing long-term contracts with short-term flexibility was critical for securing value and navigating the evolving energy landscape.
As the year ends, we extend our warmest wishes for a Merry Christmas and a prosperous New Year! We’ll be back in 2025 to help you navigate the ever-changing energy market.
