This newsletter was published 10.6.2026 at 16:45pm CEST

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

EUAs struggled to find a clear direction over the past week, with the December 2026 EUA futures contract trading in a narrow range and fluctuating around its recent average price level. The market environment remains relatively stable, with power, gas, and carbon markets appearing to have reached a temporary equilibrium. Benchmark German calendar 2027 power futures have been trading around the 95 EUR/MWh level for several sessions, suggesting that medium-term expectations for the energy complex have remained largely unchanged. At the same time, front-month TTF gas prices continue to trade around the 50 EUR/MWh level, with renewed tensions in the Middle East limiting the potential for any meaningful decline. Within carbon, the December 2026 contract found solid support around the 76 EUR level, preventing a deeper correction following the previous rally. However, the market has struggled to regain momentum above the 80 EUR area, which continues to act as a key resistance level. The inability to break higher suggests that buyers remain cautious at elevated price levels, while sellers have so far been reluctant to aggressively challenge the lower end of the range. Positioning data also points to a more balanced market. According to the latest CoT report, investment funds reduced their net exposure by around 2 million tonnes week-on-week. The decline was relatively modest but indicates some profit-taking after the previous increase in bullish positioning.

German power prices are up by 3.38 EUR since last week, with the front-year contract trading at 95.78 EUR/MWh. API2 coal prices are down by 1.00 USD since last week, with the Cal-27 contract trading at 125.25 USD/tonne. Front-year gas prices are up by 1.705 EUR since last week, with the TTF Cal-26 trading at 37.925 EUR/MWh. EUR/USD is down by 80 points since last week and is currently trading at 1.1560

Price development of EUA Dec2026 futures contract