Euro Markets: EUAs snap losing streak with technical bounce but post 7.3% weekly loss
European carbon allowance prices headed into the weekend with a technical bounce after having fallen near key support levels on Thursday, posting a 1.7% daily gain as traders covered short positions after the steep decline over the last few days, while UKAs made a late recovery after having earlier lost as much as 17% since last Friday.
Read MoreEuro Markets: EUAs drop for fourth straight day as market remains in thrall to “headline madness”
European carbon prices sank to a six-week low and started to explore a strong technical support area, while traders questioned the market’s drivers amid a constant flow of headlines that have been more directly relevant for gas than carbon, while UKA plummeted by as much as 9.2% amid sustained early selling.
Read MoreEuro Markets: EUAs drop for sixth day in seven as afternoon gas weakness accelerates sell-off
European carbon prices extended their decline on Wednesday, falling for the sixth time in seven days and reaching a five-week low, as afternoon selling took Europe’s benchmark natural gas market close to Tuesday’s one-month low, and after weekly positioning data showed investment funds cut their net long positions for the first time in eight weeks as of Feb. 14.
Read MoreBrussels preparing changes to EU ETS registry fees
The European Commission is preparing to introduce a new fee system aimed at financing the EU ETS registry, which is being extended to cover new sectors of the economy.
Read MoreUK govt says “strongly minded” to extend ETS beyond 2030, permit allowance banking in latest consultation
The UK ETS Authority has opened a consultation on the next stage of the country’s carbon market, seeking views both on its continued operation beyond 2030 as well as the banking of allowances between its current and future phases, generating some surprise among market sources, who said they had assumed the government was already committed to continuing with the ETS.
Read MoreEuro Markets: EUAs continue to track gas, drop 2.8% as data show funds further boost long positions
European carbon fell back on Wednesday in line with sharply weaker natural gas and power prices, while investor data showed funds had increased their net long position for a seventh consecutive week.
Read MoreEuro Markets: EUAs edge lower after volatile day tracking swings in gas and power
European carbon ended slightly lower on Tuesday after closely tracking the TTF market, dropping at the opening after forecasts for milder weather triggered early weakness across the energy complex, before following gas and power higher and then lower amid speculation that Germany might unveil changes to its storage mandate.
Read MoreEuro Markets: “Tired” EUAs gap higher as colder weather forecast prompts jump in gas and power
EU carbon jumped on Monday, boosted by sharply higher energy prices after the latest forecasts showed colder weather across the region, expected to increase the call on thermal power generation, while UKAs rose to a new eight-month high.
Read MoreEuro Markets: “Tired” EUAs extend sideways trend, post 2% weekly loss despite new highs in natural gas
European carbon prices traded sideways on Friday to end the day 0.4% higher and week 2% lower despite strength in the wider energy complex, as participants continued to speculate on the prospects for sustained strength in a market being increasingly described as “stuck”, “tired”, and “rangebound”.
Read MoreEuro Markets: EUAs return to shadowing TTF as market awaits new direction
European carbon prices edged higher on Thursday amid further gains in gas and power, with traders still questioning the recent bullish trend and some saying that EUAs are now “marking time” ahead of the emergence of a new price direction.
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