This newsletter was published 27.5.2026 at 16:11pm CEST

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

The carbon market extended its bullish momentum this week, as EUAs decisively moved out of the trading range that had contained prices for several weeks. Yesterday EUAs settled above 78 EUR per EUA, while today’s session saw the contract climb to an intraday high of 79.76 EUR for December 2026 futures contract, bringing the market within reach of the 80 EUR threshold. The move also carried prices above the 200-day moving average, an important technical level. The stronger tone in carbon appears to have been driven mainly by weather fundamentals and improving macro sentiment. Market participants reacted positively to reports indicating potential progress in negotiations between the United States and Iran, with hopes that easing geopolitical tensions could ease gas and oil prices. Recent price action also points to stronger underlying market conditions. Price dips have remained limited and short-lived, while buying interest has consistently re-emerged. The relatively smooth nature of the rally suggests positioning has become increasingly supportive in the short term. Nevertheless, several factors could limit further upside. From June onward, auction volumes are expected to increase, introducing additional supply into the market at a time when participants are still awaiting clarity on the upcoming EU ETS review from the European Commission. Despite these risks, the overall market tone has improved in recent sessions, with the breakout above the previous range highs indicating potentially more constructive outlook for EUAs.

German power prices are down by 1.00 EUR since last week, with the front-year contract trading at 92.40 EUR/MWh. API2 coal prices are down by 2.25 USD since last week, with the Cal-27 contract trading at 126.25 USD/tonne. Front-year gas prices are down  by 2.085 EUR since last week, with the TTF Cal-26 trading at 36.220 EUR/MWh. EUR/USD is up by 50 points since last week and is currently trading at 1.1640.

Price development of EUA Dec2026 futures contract