Insights > Analysis > DATA DIVE: Despite bullish investor data, supply tightness, 2026 may not bring bull run for EUAs

DATA DIVE: Despite bullish investor data, supply tightness, 2026 may not bring bull run for EUAs

Published 10:31 on November 4, 2025 / Last updated at 10:31 on November 4, 2025 / / EMEA (Compliance Markets & Taxes, Europe), Insights (Analysis, Data Dives), Net Zero Transition (Industrial Decarbonisation, Power/Electrification)

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Looming tightness has dominated the conversation around European carbon in recent months, but with industrial emissions continuing their slump and gas in abundant supply, there is potential for weak fundamentals to continue to dampen benchmark EUA prices in 2026, sources have said, despite bullish investor bets and upward analyst price forecasts for next year. 
Looming tightness has dominated the conversation around European carbon in recent months, but with industrial emissions continuing their slump and gas in abundant supply, there is potential for weak fundamentals to continue to dampen benchmark EUA prices in 2026, sources have said, despite bullish investor bets and upward analyst price forecasts for next year. 


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