This newsletter was published 11.11.2026 at 16:28 pm CEST

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

Carbon was not immune to the broader risk-off move seen across financial markets on Thursday and Friday last week, although the sell-off was somewhat less pronounced than in other markets. After trading above 91 EUR per tonne, the December 2026 futures came under pressure and eventually bottomed at 86.25 EUR on Friday. The move was accompanied by the highest daily trading volume since October 5th, suggesting that the correction triggered a significant increase in market activity. Sentiment shifted at the start of this week, with buyers returning to the market and EUAs recovering above 88 EUR mark. There may also have been some support from systematic and technically driven buying, as prices rebounded from their 50-day moving average. Interestingly, the latest CoT report painted a somewhat different picture of the market. Despite the decline in prices, investment funds increased their net long exposure by almost 1 million tonnes week on week. This indicates that speculative positioning remained broadly constructive throughout the correction, with funds seemingly using lower prices to add to their exposure. On the fundamental side, attention is increasingly turning towards European gas storage levels. Withdrawals from underground storage facilities have already started, with inventories peaking towards the end of October, broadly following last year’s seasonal pattern. However, European storage levels currently stand at around 72 percent full, notably below the approximately 84 percent recorded at the same point last year. The weaker starting position might leave the market more exposed to colder weather during the coming winter.

German power prices are up by 0.60 EUR since last week, with the front-year contract trading at 145.60 EUR/MWh. API2 coal prices are down by 8.10 USD since last week, with the Cal-27 contract trading at 127.00 USD/tonne. Front-year gas prices are up by 0.225 EUR since last week, with the TTF Cal-26 trading at 69.100 EUR/MWh. EUR/USD is down by 140 points since last week and is currently trading at 1.1090.

Price development of EUA Dec2026 futures contract