This newsletter was published 4.11.2026 at 17:02 pm CEST

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

EUAs remained strong over the past week, extending their rally and trading above the 90 EUR mark despite a noticeable correction across the energy complex. The latest CoT report added to the bullish picture, showing investment funds increasing their net bullish exposure by more than 7 million tonnes week on week. However, price action has become increasingly choppy around current levels, with 90 EUR emerging as a major psychological hurdle. Buyers have generally been willing to step in on dips, while attempts to push prices significantly higher have repeatedly attracted selling interest. The sharp reversal in energy markets added another layer of volatility. Gas prices came under pressure following the U.S. mid-term elections, with front-month TTF falling from around 100 EUR for MWh towards 90 EUR. German Cal-27 power futures also corrected sharply, dropping from approximately 165 EUR to 145 EUR for MWh before finding some support in recent sessions. Despite this weakness, EUAs have so far shown considerable resilience, with the carbon market largely holding on to its recent gains. Options positioning also makes EUR 90 an important level to watch. Open interest around the EUR 90 strike has reached approximately 18 million tonnes, making it a significant area for the market. The largest concentration remains at EUR 80, with almost 33 million tonnes of open interest. Auction results offered few surprises despite the elevated volatility. Most auctions cleared close to prevailing market prices, suggesting that supply continues to be absorbed without creating any meaningful directional signal.

German power prices are down by 14.7 EUR since last week, with the front-year contract trading at 145.00 EUR/MWh. API2 coal prices are down by 9.15 USD since last week, with the Cal-27 contract trading at 135.10 USD/tonne. Front-year gas prices are down by 10.210 EUR since last week, with the TTF Cal-26 trading at 68.885 EUR/MWh. EUR/USD is up by 100 points since last week and is currently trading at 1.1230.

Price development of EUA Dec2026 futures contract