Pridobite najnovejše informacije iz trga emisijskih kuponov in se prijavite na brezplačno tedensko prejemanje novic
This newsletter was published 13.11.2024 at 17:04pm CEST
The current prices on the European carbon market are as follows:
A month-long bullish trend in EUAs persists, with prices having reached their highest level in over two months. On Monday, the December 2024 futures contract traded as high as 68.80 EUR per EUA, likely linked to the liquidation of bearish positions by investment funds. The weekly CoT report showed a third consecutive reduction in net short exposure, which may be expected as we approach the colder months of the year. Additionally, withdrawals from underground gas storages are expected to increase, potentially adding buying pressure to the market. However, the market seems relatively balanced at the moment, with investors facing the choice of re-entering short positions, going long, or holding off on any new actions. Despite some price discrepancies, EUAs still appear to be influenced primarily by fundamentals in the gas markets. Recently, however, fluctuations in power prices have also played a role in driving movements within the broader energy complex. EUAs seem to be developing a longer-term range within 60 and 70 EUR, but open interest at the 70 EUR level has been rising and currently stands at more than 25 million EUAs. Daily auctions have offered no opportunities, with most of them clearing just below or at a slight premium to the secondary market. In contrast, the UKAs have shown a different pattern. Investors have not increased their bullish positions week-on-week, but today’s UK ETS auction cleared at a significant premium of 40 pence. Such premiums typically indicate strong demand, especially when market sentiment is bullish.
German power prices are up by 5.15 EUR since last week, with the front-year contract trading at 91.35 EUR/MWh. API2 coal prices are up by 4.00 USD since last week, with the Cal-25 contract trading at 123.00 USD/tonne. Front-year gas prices are up by 2.900 EUR since last week, with the TTF Cal-25 trading at 42.000 EUR/MWh. EUR/USD is down by 140 points since last week and is currently trading at 1.0590.
Price development of EUA Dec2024 futures contract