Euro Markets: EUAs post largest weekly drop in six months despite ending three-day losing streak
European carbon prices snapped a three-day losing streak Friday, though robust morning gains in line with gas and power were rapidly unwound in the afternoon amid strong selling interest, leaving the EU market with its largest weekly loss since the end of February.
Read MoreEuro Markets: Early resilience crumbles as sellers return and push EUAs to six-week low
European carbon allowance prices found support during the morning session, but crumbled on Thursday afternoon amid a resumption in motivated selling, helping to curb gains in power and gas and taking the benchmark EUA contract to a new six-week low late in the session.
Read MoreUK trims carbon permit auction volumes for final seven sales of 2024 on aviation changes
The UK has revised its carbon allowance auction calendar for the remainder of 2024 to take account of changes in the number of aviation operators participating in the market, according to a statement from the auction operator.
Read MoreEuro Markets: EUAs hit six-week low as selling pressure continues, UKAs slightly lower on “solid” auction
European carbon slumped to a six-week low on Wednesday, breaking through key technical levels under pressure from sellers and despite an increase in investment funds’ short positioning, as fundamentals remained gloomy and the overall market sentiment continued to worsen, while UK Allowances trimmed losses after a “solid” auction.
Read MoreEuro Markets: EUAs plunge 3.2% to one-month low amid energy weakness
European carbon prices dropped to their lowest in a month on Tuesday as the weight of selling pressure continued to hang over the market, amplified by US traders returning from the annual Labor Day holiday, while an upward revision to France’s expected nuclear generation this year and bearish Chinese economic data added to weakness in the energy complex.
Read MoreVeteran carbon analyst leaves LSEG
A veteran carbon analyst has left LSEG after six years, around 18 months after several colleagues resigned to join a rebranded analytics firm also covering carbon markets.
Read MoreEuro Markets: EUAs mark time amid US holiday and weaker energy as auction volumes rise 1.3%
EU carbon allowance prices ended Monday little changed despite slightly reduced selling activity as the US markets were closed, while the bloc began auctioning slightly more allowances each day after the amended schedule for the remainder of the year took effect, and European energy markets corrected lower after sharp rises at the end of last week.
Read MoreNew compliance deadline drives earlier trade in quarterly, August EUA contracts, data show
Open interest in EUA futures for delivery during the new compliance periods up to three years ahead has started to build much earlier than seen before, as buyers begin to factor in the new deadline.
Read MoreEuro Markets: EUAs drop to three-week low amid late selling as UKAs extend gains to seven-week high
EUAs posted a daily and weekly loss on Friday, recording their narrowest weekly trading range of the year as a stable morning session was followed by gradually heavier selling throughout the afternoon, culminating in a three-week low, while UK Allowances returned their second 8% five-day gain in the last three weeks.
Read MoreEuro Markets: EUAs remain in tight range as buyers soak up selling pressure down to Monday’s low
European carbon prices spent Thursday firmly embedded in this week’s €70.50-€71.50 range, closing marginally higher after buyers held firm at a support level from the start of the week as EU-wide emissions continued to decline, and UK Allowances rose to a seven-week high.
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