This newsletter was published 22.4.2026 at 17:03pm CEST

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

EUA prices experienced a volatile week, with the December 2026 futures contract rallying from around 72 EUR to above 78 EUR before easing back toward the 75 EUR level. Despite this range, April option expiry passed without major surprises, settling just above 75 EUR per tonne. The relatively muted expiry outcome suggests that positioning was aligned, even after a period of elevated price swings. Notably, carbon has shown a weaker correlation with broader “risk-on” assets in recent sessions. While equities and other markets responded more decisively to improving sentiment, EUAs struggled to maintain upward momentum. Positioning dynamics saw a meaningful shift for the first time in several weeks. According to the latest CoT report, investment funds increased their net length significantly. However, this change was primarily driven by a reduction in short positions rather than the addition of new longs. Fundamentals in the energy complex have also acted as a limiting factor for further upside. Strong solar generation, combined with seasonally weaker energy demand, has reduced the immediate need for carbon-intensive generation. At the same time, political risks remain elevated. Several countries with energy-intensive industries continue to push for lower carbon prices to support competitiveness, maintaining uncertainty around future policy direction. Primary market activity, however, remains constructive. Auctions throughout the week consistently cleared at a premium to the secondary market, indicating solid underlying demand and providing a supportive backdrop despite the lack of sustained upside momentum.

German power prices are up by 2.72 EUR since last week, with the front-year contract trading at 90.45 EUR/MWh. API2 coal prices are up by 1.50 USD since last week, with the Cal-27 contract trading at 114.25 USD/tonne. Front-year gas prices are up by 1.625 EUR since last week, with the TTF Cal-26 trading at 35.600 EUR/MWh. EUR/USD is down by 60 points since last week and is currently trading at 1.1730.

Price development of EUA Dec2026 futures contract