This newsletter was published 15.4.2026 at 16:39pm CEST

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

EUA prices continued to trade in a broadly sideways range over the past week, with some buying interest emerging at lower levels. Supported by a more constructive risk-on tone in equity markets, the December 2026 futures contract found a support at around 72 EUR per tonne. Additional buying interest came from the primary market, as two European auctions in a row cleared at a premium to secondary market. This helped lift EUAs briefly above the 75 EUR level. However, the move lacked follow-through, with prices failing to sustain gains as buying interest faded at higher levels. This suggests that participants remain cautious about accumulating length at current prices. Ongoing political and regulatory uncertainty continues to weigh on sentiment. The European Commission is expected to propose adjustments to the EU ETS and the Market Stability Reserve by July, which may be encouraging a more defensive stance among market participants. Positioning data reflects a cautious tone as well. After three consecutive weeks of unchanged exposure, the latest CoT report showed a modest increase in investment fund length, with an addition of around 2 million tonnes. While this indicates a stabilisation in positioning, overall conviction remains limited. Meanwhile, seasonal factors are beginning to influence the energy complex. As temperatures rise, demand is easing, while increased renewable generation continues to dampen price volatility in power markets — indirectly weighing on EUA demand as well. Liquidity conditions have also softened, with average daily volumes declining significantly in futures and even more so in the options market. Open interest for April option expiry remains concentrated around key strikes, with over 4 million EUAs at 72 EUR and just under 4 million EUAs at 75 EUR. For now, the market appears to be balancing between these levels, though thin liquidity leaves room for sharper price moves should new catalysts emerge.

German power prices are down by 2.47 EUR since last week, with the front-year contract trading at 87.73 EUR/MWh. API2 coal prices are down by 5.25 USD since last week, with the Cal-27 contract trading at 112.75 USD/tonne. Front-year gas prices are down by 3.020 EUR since last week, with the TTF Cal-26 trading at 33.975 EUR/MWh. EUR/USD is up by 100 points since last week and is currently trading at 1.1790.

Price development of EUA Dec2026 futures contract