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This newsletter was published 8.12.2021 at 16:36pm CEST
The current prices on the European carbon market are as follows:
European energy complex appears to be in real crunch and no quick solution is on sight. Natural gas, power and EUAs have been accelerating to higher highs almost every day in the past week, pressuring industries and utilities. Nearing of yearly option expiry in one week’s time is providing even more demand to already tight market, as option hedging continues. The largest strike at 100 EUR is closer every trading day and probabilities of reaching that milestone are rising. Trading volumes have picked up in the recent days, as well as volatility. Daily trading ranges of more than 3 EUR are seen every day and moves to both sides have been quick. Auctions in the past week have cleared at premium to secondary market, which might indicate there just isn’t enough supply of emission allowances. Auctions at these levels have been well covered and market usually continued higher afterwards. Fundamentals could also be contributing to trending prices, since winter and low power generation from renewables could not cope with increased demand. Until major fundamental change takes place the market could remain trending north, unless political intervention steps in, to curb rising demand.
German power prices are up by 46.75 EUR since last week, with the front year contract trading at 190.25 EUR/MWh. API2 coal prices are up by 9.00 USD since last week, with the Cal22 contract trading at 116.50 USD/tonne. EUR/USD is down by 40 points since last week and is currently trading at 1.1310.
Price development of EUA Dec2021 futures contract