Euro Markets: EUAs give up rally to four-month high to settle lower, as gas and UKAs extend gains
EU carbon permit prices ended Thursday moderately weaker for a second day even after setting yet another four-month high, as natural gas markets continued their volatile rally and breached a key technical level, while UK Allowances strengthened for a seventh day to reach their highest since the first week of the year.
Read MoreEuro Markets: EUAs end unchanged after early 4-month high as data show funds rebuilding net short position
EU carbon allowance prices snapped a four-day winning streak with a marginal loss on Wednesday despite rising to a new four-month high early in the day, as traders shrugged off further gains in natural gas ahead of the June TTF options expiry, after the Commitment of Traders data showed investment funds increased their bearish bets on carbon for the first time in six weeks.
Read MoreEuro Markets: EUAs rise to four-month high as gas hedging drives market higher after quiet start
European carbon prices extended their gains to a new four-month high on Tuesday, as early profit-taking in thin trading gave way to a strong rally, driven largely by rising natural gas prices ahead of the expiry of the June options contract later this week, while UK Allowance prices hovered near yesterday’s four-month high amid continued healthy demand.
Read MoreEuro Markets: EU, UK carbon prices break above key technical levels amid strong early buying
EU and UK carbon prices soared on Monday, driven by a combination of rising demand for fossil power as onshore wind levels dropped sharply, and some speculative buying, with EUAs closing above a major technical level for the first time since Aug. 2023 and UKAs breaching the same technical level and a key psychological price to set a four-month high.
Read MoreEuro Markets: EUAs extend sideways trading, post 1.7% weekly loss but remain in channel
European carbon prices rose early on Friday, catching support from rising natural gas and a relatively strong auction outcome, before giving up most of their gains to post a 1.7% weekly loss as the market continued to move within the €68-€72 range it has occupied all week, while UK Allowances rose to a three-month high in late trading.
Read MoreEuro Markets: Carbon prices move back into recent range amid steady buying, stronger gas
EU carbon allowance prices rallied steadily throughout much of the day on Thursday, shrugging off a late dip, as the Dec-24 EUA contract climbed back into its recent trading range, boosted by a recovery in natural gas prices amid forecasts for lower renewables output.
Read MoreEuro Markets: EUAs drop back out of recent channel in light trading as funds cut net short yet again
European carbon prices dropped back out of their recent channel between €70-€75 on Wednesday as steady selling applied constant pressure as the weekly Commitment of Traders data showed yet another small cut to investment funds’ net short position, while energy markets firmed slightly despite broadly stable fundamentals.
Read MoreEuro Markets: EUAs edge higher as technical buying takes prices back into emerging range
European carbon prices rallied modestly on Tuesday after dropping by 6.2% in the previous two sessions, after the daily auction triggered technical buying that drove the market up by €2.00 in two hours, before buyers eased off and the market appeared to settle into its recent range.
Read MoreEuro Markets: EUAs drop to seven-day low as sell-off extends amid bouts of dip-buying
European carbon prices fell to their lowest in seven sessions on Monday, extending the profit-taking sell-off that began on Friday and dropping below a key level amid a pick-up in trading volume, while energy prices also retreated as renewable generation was forecast to rise strongly this week.
Read MoreEuro Markets: EUAs reach four-month high before giving up €4 amid afternoon profit taking
European carbon allowance prices climbed to their highest in four months on Friday morning as determined buying took prices above two key technical levels, before sliding by more than €4 in the afternoon and giving up all their gains since Wednesday amid profit-taking ahead of the weekend and next week’s full auction programme.
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