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Power prices near the highs of October - 26-11-2021

Prices have made further modest gains, particularly on power prices, which are nearing the all time peak we saw at the beginning of October. Colder temperatures in the UK are keeping demand levels slightly higher than seasonal norms.

This morning we are seeing Carbon and oil prices tumble, making 4% losses already as a new coronavirus variant is discovered in South Africa, sparking fears of another Delta scenario, where it spread across the globe. At the moment little is known to speculate about this variant, but with UK scientists calling this one “the most horrific yet” with the number of mutations, and with 500 to 700 people having arrived from South Africa to the UK on a daily basis until it was red listed today, has it been successfully contained? The markets will be closely watching as this develops.