Euro Markets: EUAs stabilise in familiar price range as energy markets trim big weekly gains
European carbon prices bounced off their two-week lows of Thursday to post their first rise of the week, settling back into the middle of their recent trading range on Friday, with options hedging appearing to be the main driver, while energy markets gave up some of their recent gains after President Trump indicated he would delay any strike on Iran to give more time for diplomacy.
Read MoreEuro Markets: EUAs drop most in a month as correlation to gas breaks down amid heavy selling
European carbon prices fell 2.5% on Thursday, completely reversing the recent positive correlation with natural gas, as aggressive selling dominated a lacklustre market, even as energy prices continued to climb amid signs that the US was considering joining the conflict between Israel and Iran.
Read MoreEuro Markets: EUAs end flat as energy markets reverse early strong gains amid mixed political signals
European carbon prices were little changed on Wednesday after two days of weakness, shrugging off early strength across the energy complex, before again resisting a sharp sell-off in oil and gas amid mixed signals surrounding events in Israel and Iran, while weekly positions data showed a further build-up in speculative net length which raised speculation that traders were initiating a squeeze on the recent length.
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Read MoreEuro Markets: Carbon-gas correlation breaks down as EUAs shrug off bullish energy moves
European carbon allowance prices slumped on Tuesday morning as bullish risks appeared to recede for EUAs, while oil and gas prices advanced amid the continuing conflict between Israel and Iran, and some traders suggested EUAs had reached the top of their current trading range.
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Read MoreEuro Markets: Sluggish EUAs fail to match early energy strength, before falling away amid late selling
EU carbon prices were slow to match the gains in other energy markets on Monday morning, as early selling interest drove prices lower even as natural gas advanced nearly 3%, before EUAs moved back into positive territory late in the session, with some participants describing carbon as “tired” and the weakest component of the energy complex.
Read MoreEuro Markets: EUAs set fresh four-month high before weakening to post 3% weekly gain amid energy markets surge
European carbon prices jumped to a fresh four-month high on Friday morning after overnight attacks by Israel on Iranian military and nuclear targets sent energy markets spiralling higher at the opening, but EU allowances gave back more than half their gains in the afternoon while the energy complex stabilised and traders took profit even as EUAs posted a 3% weekly gain.
Read MoreEU-UK agreement to start linking talks has shifted UKA price outlook –analyst
The recent agreement between the UK and EU to start negotiations over linking their respective emissions trading systems “has fundamentally shifted the outlook” for UK Allowances, according to an analyst who has raised their forecasts for British prices for the second half of this year onwards.
Read MoreEuro Markets: EUAs breach key level to reach four-month high amid energy rally as French nuclear units face tests
EUA prices climbed to their highest in nearly four months on Thursday, recovering from early profit-taking amongst speculative participants after news emerged of further investigations at French nuclear facilities, leading to renewed buying which also led to some hedging activity in anticipation of the June options contract expiry.
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