WCI Markets: CCAs rebound from YTD lows, but continue to trail WCA prices
California Carbon Allowance (CCA) prices reversed course from year-to-date lows this week, but remained below Washington Carbon Allowance (WCA) figures amid the ongoing WCI market bearishness due to programme reform implementation delay.
Read MoreCalifornia watchdog hears CCS deployment concerns, discusses revenues under proposed cap-and-trade changes
Carbon management projects currently lack oversight and need improved guardrails for implementation, panellists at a session held by California’s carbon market watchdog said Wednesday, while others detailed their input on ARB’s considerations for allowance budget removals in the most recent rulemaking workshop.
Read MoreEmitters, green groups flag concerns over draft Oregon CPP rules
Oregon’s recently proposed Climate Protection Program (CPP) rulemaking could potentially create emissions leakage, according to stakeholder comments in a public consultation process, which also raised concerns over cap adjustment and the impact of compliance costs.
Read MoreBRIEFING: Kamala Harris picks Minnesota Governor Tim Walz as her running mate
US Vice President Kamala Harris, the Democratic presidential nominee, on Tuesday selected Minnesota Governor Tim Walz (D) as her vice presidential candidate, garnering support from green groups that have commended the state leader’s climate efforts since he took office in 2019.
Read MoreAnalysts reduce CCA price estimates following rulemaking delay, call WCAs overvalued
Analysts have once again lowered their California Carbon Allowance (CCA) price forecasts to account for the extended rulemaking timeline, and expect Washington Carbon Allowance (WCA) prices to remain steady despite being “overvalued” due to the ongoing threat of a repeal.
Read MoreSpeculators realise profits as RGAs peak, build CCA net length
Financial entities have closed out of their long positions in the RGGI Allowance (RGA) futures and options market as prices recorded new all-time highs, and instead boosted their California Carbon Allowance (CCA) holdings, while producers shed their CCAs in favour of RGAs, according to weekly data from the US Commodity Futures Trading Commission (CFTC).
Read MoreOCFP net credit generation in Q1 trails last quarter’s record high
Net credit generation under Oregon’s Clean Fuels Program (OCFP) in Q1 receded from the previous quarter on lower biodiesel and ethanol contributions, although cumulative surplus rose to nearly 1.3 million on record renewable diesel net credit output.
Read MoreWCI Markets: CCA prices gain momentum on wide intraday range
California Carbon Allowance (CCA) prices plunged to year-to-date lows before rebounding on Wednesday, with a surge in volatility that brought intraday spreads up to more than $2 in the absence of a catalyst to signal market direction.
Read MoreLCFS Q1 net credit output retreats from record highs
Net credit generation under California’s Low Carbon Fuel Standard (LCFS) trailed behind last quarter’s historic highs on lower renewable diesel (RD) and ethanol contribution to the total, according to state data published Wednesday.
Read MoreUS senators call for restriction on upcoming biofuels tax credit eligibility
A bipartisan group of US senators on Tuesday urged President Joe Biden’s administration to limit an upcoming biofuels tax credit to those produced from domestic feedstocks.
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