Euro Markets: EUAs catch lift from strong gas markets but remain stuck in recent range
European carbon prices posted moderate gains on Tuesday as bulls and bears played tug-of-war for control of the market’s direction as firmer gas supported EUAs in the face of continued selling pressure, leaving the benchmark still trading in the same range it has occupied for the last month.
Read MoreEuro Markets: EUAs drop below key technical support amid broad weakness as summer lull gets underway
European carbon prices gave up Friday’s late gains and dropped below a major technical support level that had propped the market up since early July, amid similar weakness across related markets as forecasts for higher temperatures and improved renewables output brought an end to the energy complex’s two-day rally.
Read MoreEU countries more than three-quarters through 2024 free EUA allocations –Commission data
EU member states have handed out more than three-quarters of their 2024 quotas of free carbon allowances under the ETS, according to data released by the European Commission.
Read MoreEuro Markets: EUAs rise a second day, post weekly loss as countries report free permit handouts
European carbon rose for a second day but posted a week-on-week loss as the market mimicked fluctuations in natural gas amid declining trading activity, while member states reported progress in their annual handout of free EUAs, and UK Allowances posted their largest weekly loss since the start of the year.
Read MoreEuro Markets: EUAs track gas higher, snapping three-day losing streak after finding strong support
European carbon edged higher on Thursday, ending a three-day losing streak as prices moved in line with firmer natural gas and also found strong support at Wednesday’s closing level, despite a downturn in liquidity as the holiday season approached its peak.
Read MoreEuro Markets: EUAs drop for third day as COT data shows small drop in speculators’ bearish bets
EU carbon prices fell for a third straight session on Wednesday as the energy complex gave up early gains and after weekly position data showed investment funds had shifted their holdings in favour of greater length during last week’s 4.3% price rally, while UK Allowances extended their losses amid renewed speculative selling in the wake of last Thursday’s election.
Read MoreEuro Markets: EUAs continue to weaken amid aggressive selling, weak gas, allocation speculation
European carbon extended losses for a second day after prices had dropped below a key support level on Monday, as aggressive selling in both gas and carbon continued to put pressure on all markets, while a weak EUA auction and speculation that the 2024 allocation of free EUAs has begun, underscored the bearish trend.
Read MoreEuro Markets: EUAs drop through technical, psychological levels as speculators ramp up selling
European carbon prices dropped by the most in three weeks on Monday as prices tumbled through a key level that had been supporting the market for almost a week, amid aggressive selling from speculative traders that also appeared to trigger a decline in natural gas and power, while UKAs plunged more than 2% as post-election profit-taking continued.
Read MoreEuro Markets: EUAs remain rangebound but post first weekly gain since late May as activity dwindles
European carbon prices traded in an almost-identical range as Thursday’s market as the summer holiday season swung into its peak period, with technical support and resistance levels compressing slightly as the market’s volatility has calmed, while UK Allowances fell away after a landslide election result ushered in a centre-left government that is expected to speed up action on climate issues.
Read MoreEuro Markets: Carbon edges lower after rangebound trading as activity thins with US holiday
EUAs weakened modestly as activity dwindled in the afternoon with the US market were closed for Independence Day, prices spending much of the day see-sawing in a well-defined range, while UKAs rose late in the day as the country voted in a general election.
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