Euro Markets: EUAs post 1.9% weekly gain despite Friday’s gas-fuelled sell-off, as coal takes pole position
European carbon prices posted a 1.9% weekly gain despite a steady decline on Friday amid some end-of-week profit taking that also pushed natural gas prices down, and shrugging off an ongoing shift in plant economics that analysts said puts coal ahead of gas for power generation over the next three months.
Read MoreEuro Markets: Carbon rides to 12-week high on gas’ coattails, sets up camp above key level
EU carbon prices were pulled to their highest in 12 weeks, above a key level, on Thursday by growing concerns over rising geopolitical tensions in Ukraine and a short unplanned North Sea outage, which encouraged natural gas traders to buy, helping carbon to breach an important psychological level for the second time this week.
Read MoreEuro Markets: Carbon edges higher but fails to take strength from 2.5% rally in gas, as funds flip to length
EU carbon allowances edged higher on Wednesday, posting a modest gain but failing to take strength from a 2.5% climb in front-month gas prices, while weekly positioning data showed investment funds held their first net long position in 15 months.
Read MoreEuro Markets: EUAs fall back with gas as profit-taking takes steam out of TTF rally and EUA sellers return
EU carbon prices fell back on Tuesday after their 2.2% jump on Monday amid a decline in the benchmark natural gas market, as gas traders were said to take profit after Monday’s rally, and sellers of EUAs dominated ahead of Wednesday’s weekly positioning data.
Read MoreEuro Markets: Firm auction triggers technical buying that takes EUAs to new 11-week high above key level
EUAs rose to yet another 11-week high and breached a key level on Monday after a stronger than usual auction outcome appeared to trigger a wave of technical and speculative buying that moved the market as much as €2.00 higher, as gas prices were only modestly firmer amid forecasts for more wind, and prompt power rose as much as 7%.
Read MoreEuro Markets: Carbon drops marginally after volatile session as gas reacts to supply cut headlines
European carbon saw a volatile end to the week, giving up a strong opening surge to a 10-week high to fall by 2.2% at one stage and eventually recording an 0.4% drop on the day, as allowance prices were whipsawed by a volatile gas market reaction to news that one EU gas buyer was set to be cut off by its Russian supplier this weekend.
Read MoreEuro Markets: EUAs climb to 11-week high on technical buying as gas hits one-year high
European carbon prices posted healthy gains on Thursday, initially outpacing strength in gas before front-month TTF rose to a one-year high as traders reacted to news headlines that added uncertainty to the supply outlook.
Read MoreEuro Markets: EUAs shed 1.8% as investment funds cut net short position to smallest in more than a year
European carbon prices dropped 1.8% on Wednesday, clawing back some of a 3.2% decline in a late recovery, as the weekly positions data showed that investment funds cut their bearish bets to the smallest in more than a year, while natural gas prices struggled amid reports that additional supply may soon be finding its way to Europe.
Read MoreEuro Markets: EUAs bounce off technical support but end marginally lower amid continued gas strength
European carbon allowance prices ended the session marginally lower on Tuesday after early weakness tested a key technical support and gave way to a steady rally back to another level amid continuing strength in energy markets.
Read MoreEuro Markets: EUAs fall away late to post modest loss as gas, power rise to near multi-month highs
European carbon prices started the week brightly, catching a boost from rising gas and power but failing to hold on the full extent of the increase, as EUAs traded either side of Friday’s settlement before dipping at the close.
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