Euro Markets: EUAs snap three-day losing streak as firmer gas outweighs larger-than-expected 2023 emissions drop
European carbon prices showed little reaction on Thursday to the publication last night of verified emissions data for 2023, despite a larger-than-predicted drop, with the market garnering support from firmer TTF gas, while a modest reduction in investment funds’ short positioning failed to trigger a clear price move.
Read MoreEuro Markets: EUAs drop for a third day after flat morning session as market continues wait for 2023 emissions data
European carbon prices fell for a third day on Wednesday, the bulk of the decline coming in the afternoon, as participants continued to wait for the publication of verified emissions data for 2023, while a delay to the weekly Commitment of Traders data dampened volatility.
Read MoreEuro Markets: EUAs plunge most in six weeks after weak auction as traders await 2023 emissions data
European carbon prices tumbled by the most in six weeks on Tuesday as traders began to anticipate the publication of verified emissions data for 2023, expected to show a sharp drop in emissions last year, while demand in the daily auction was among the weakest yet seen.
Read MoreEuro Markets: EUAs post marginal gain amid further cuts in funds’ short positions as energy markets recover
EU carbon prices ended Wednesday marginally higher after early weakness was overcome with a boost from sharply higher coal prices, after a major US export waterway was blocked by a collapsed bridge, and stronger natural gas markets, on the back of supply cuts, while the weekly commitment of traders data showed a fourth consecutive reduction in net short EUA positions held by investment funds.
Read MoreEuro Markets: EUAs drop back after two-month high on profit-taking, renewed short selling as gas falls
EU carbon prices ended Tuesday some 4.2% lower after an early increase to a new two-month high was followed by profit-taking and renewed short selling, while energy prices fell back after the previous session’s sharp gains which one analyst called “exaggerated”.
Read MoreEuro Markets: EUAs jump to two-month high amid short-covering triggered by gas surge
European carbon allowances jumped sharply on Monday after prices began the day in close alignment with strong gains in natural gas, leading the front-December EUA contract to reach its highest in two months and breach long-standing technical resistance levels.
Read MoreEuro Markets: EUAs post fourth weekly gain in a row as traders eye steady cut in funds’ short positions
European carbon prices registered their fourth successive weekly increase after eight losses at the start of the year, as some observers suggested the market was reverting to a familiar recent pattern of rising on Friday ahead of renewed weakness on the following Monday, and others eyed the steady reduction in investment funds’ short positions and speculated whether the recent record bearish bets were in the process of being unwound.
Read MoreEuro Markets: EUAs drop to week’s low and trade in narrow range for second day as gas weakens
European carbon prices traded in a narrow range for a second day on Thursday, as the benchmark fell back to its lowest levels of the week so far amid fading buying interest, while declining TTF natural gas also weighed on the EUA market.
Read MoreEuro Markets: “Rangebound” EUA market eases lower after COT data shows funds trim shorts again
European carbon prices were little changed for a second day on Wednesday, ending the day down by 0.4% after moving in their narrowest range in more than a month amid a marked decrease in trading activity, as the weekly Commitment of Traders data showed a third successive decrease in investment funds’ net short position.
Read MoreEuro Markets: EUAs snap three-day winning streak, swing in €3.40 range in line with volatile gas
European carbon allowance prices whipsawed sharply on Tuesday, making early gains of as much as 2.4% and briefly topping a technical resistance level as benchmark TTF futures rose to a six-week high, before slumping as low as 3.1% in the afternoon as the market continued to be driven by swings on gas.
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