This newsletter was published 19.8.2026 at 16:45 pm CEST

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

EUAs continue to trade sideways, with the December 2026 EUA futures contract continuing to find solid support around 81 EUR, while selling interest has consistently emerged above 83 EUR. The narrow range persists despite several factors that could have triggered a larger move, suggesting that the market is currently well balanced. The latest Commitment of Traders data provided an interesting signal. Investment funds reduced their net long exposure by more than 5 million tonnes over the week, marking another sizeable adjustment in positioning. However, the additional selling pressure had little to no impact on prices. This resilience could indicate that the demand is increasingly absorbing speculative selling as the September compliance deadline slowly approaches. Primary auctions have also remained broadly uneventful, generally clearing close to the secondary market. Apart from Friday’s auction, which provided a somewhat stronger signal, results have offered few surprises and have not materially altered the current market balance. The energy complex continues to provide a supportive backdrop. Front-month TTF gas is trading around 63 EUR/MWh, while German Cal-27 power futures remain comfortably above 100 EUR/MWh. The situation around the Strait of Hormuz also remains unresolved, maintaining uncertainty around energy flows and keeping a geopolitical risk premium embedded in gas price. European gas storage levels are currently around 61 percent full, significantly below the levels seen at the same point in the previous two years, highlighting a tighter starting position ahead of the winter season.

German power prices are up by 2.10 EUR since last week, with the front-year contract trading at 108.60 EUR/MWh. API2 coal prices are up by 2.25 USD since last week, with the Cal-27 contract trading at 127.25 USD/tonne. Front-year gas prices are up by 2.150 EUR since last week, with the TTF Cal-26 trading at 44.450 EUR/MWh. EUR/USD is up by 110 points since last week and is currently trading at 1.1660.

Price development of EUA Dec2026 futures contract