This newsletter was published 29.7.2026 at 16:18pm CEST

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

The carbon market entered a consolidation phase over the past week, with the December 2026 EUA futures contract trading comfortably above 81 EUR level after briefly approaching 87 EUR exactly one week ago. Following the sharp advance seen in recent sessions, the latest price action suggests the market is pausing, as participants assess whether the recent rally has fully reflected the supportive near-term fundamentals. Across the broader energy complex, volatility has picked up once again. Front-month TTF gas has rebounded sharply amid renewed geopolitical tensions after the United States signalled it could carry out further strikes against Iran. The renewed uncertainty has lifted the geopolitical risk premium across energy markets, while German power prices have also remained firm. Positioning data points to a measured approach from investors. According to the latest Commitment of Traders report, investment funds increased their net long exposure by around 5 million tonnes over the past week. Compared with the substantial build-up seen previously, the relatively modest increase suggests investors remain selective at current price levels rather than aggressively chasing the rally. Trading activity has also eased, with average daily volumes declining as the market enters the peak summer holiday period. Lower liquidity has resulted in quieter trading conditions and could leave prices more sensitive to larger orders or geopolitical headlines over the coming weeks.

German power prices are down by 2.55 EUR since last week, with the front-year contract trading at 107.45 EUR/MWh. API2 coal prices are down by 2.75 USD since last week, with the Cal-27 contract trading at 123.25 USD/tonne. Front-year gas prices are down by 0.805 EUR since last week, with the TTF Cal-26 trading at 43.320 EUR/MWh. EUR/USD is down by 20 points since last week and is currently trading at 1.1390.

Price development of EUA Dec2026 futures contract