This newsletter was published 24.6.2026 at 14:59pm CEST

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

EUAs continued to strengthen over the past week, with the December 2026 EUA futures contract trading comfortably above the 80 EUR level. Prices briefly extended higher, reaching above 82 EUR, although the move lacked follow-through and the market retraced from the highs. Despite the pullback, EUAs continue to show resilience, with buying interest remaining present at lower levels. A big development has been the significant expansion in speculative positioning. The latest CoT report showed investment funds adding almost 14 million tonnes of length over the week, one of the largest weekly changes seen in recent months. Total fund exposure has now climbed close to 60 million tonnes, highlighting a much more constructive positioning backdrop ahead of the EU ETS revision in July. However, the substantial build-up in speculative exposure also increases the risk of sharper corrections should sentiment weaken or the market become driven by short-term headlines. The June quarterly option expiry passed without major surprises, with no significant price reaction observed around expiry. Attention is now shifting back toward the upcoming ETS review and potential implications for future supply and demand dynamics. The UK carbon market experienced renewed volatility following political developments. UKAs sold off from around 60 GBP area toward the mid-50s after the resignation of Keir Starmer. The move was linked to concerns that the planned EU-UK ETS linkage summit could be postponed, with European Council President António Costa indicating delays to the timeline.

German power prices are up by 0.50 EUR since last week, with the front-year contract trading at 92.75 EUR/MWh. API2 coal prices are down by 2.50 USD since last week, with the Cal-27 contract trading at 111.00 USD/tonne. Front-year gas prices are down by 0.080 EUR since last week, with the TTF Cal-26 trading at 34.430 EUR/MWh. EUR/USD is down by 270 points since last week and is currently trading at 1.1330.

Price development of EUA Dec2026 futures contract