This newsletter was published 25.2.2026 at 16:34pm CEST

The current prices on the European carbon market are as follows:

The EU carbon market stabilised over the past week, with volatility declining notably after the recent period of pronounced downside pressure and large swings. Price action would suggest that the market could be entering a cautious consolidation phase, as participants reassess positioning and policy risks. A clear layer of buying interest has emerged around the 70 EUR level for December 2026 futures contract, a level which has several times in the past acted as an important technical support and psychological price point. Repeated tests of this area attracted sufficient demand to lift prices higher, with the benchmark contract trading nearly 73 EUR for December contract. Positioning dynamics continue to evolve. Investment funds have further reduced their net long exposure, now standing at 68.8 million tonnes, which is roughly 13 million tonnes less than a week ago. The steady trimming of speculative length might have slightly the risk of aggressive long liquidation episodes, which had previously amplified downside moves. Despite the improved price stability, caution persists across the market. Participants remain reluctant to take directional views ahead of the upcoming EU ETS revision discussions scheduled for the second half of March. For now, the market appears to be balancing improving technical conditions against ongoing regulatory uncertainty, with the 70 EUR level serving as a key support level for now. Other markets in the European energy complex remain stable and have not been too much affected by recent geopolitical events which could have an effect of gas supply.

German power prices are up by 0.55 EUR since last week, with the front-year contract trading at 80.00 EUR/MWh. API2 coal prices are up by 1.15 USD since last week, with the Cal-27 contract trading at 111.25 USD/tonne. Front-year gas prices are up by 0.375 EUR since last week, with the TTF Cal-26 trading at 27.050 EUR/MWh. EUR/USD down by 20 points since last week and is currently trading at 1.8000.

Price development of EUA Dec2026 futures contract