Emissions Trading / Carbon Market News (08/04/2024)

Dear Madam or Sir,

Companies covered by the European Emissions Trading System (EU ETS) recorded a 15.3% decrease in greenhouse gas emissions last year, according to preliminary figures from the European Commission.

The emissions of companies subject to trading obligations totalled 1,111 million tonnes of CO2 or its equivalent (CO2e) of other greenhouse gases in 2023. In the previous year 2022, this figure was 1,312 million tonnes of CO2e.

Prices for emissions in the EU ETS fell slightly last week based on the weekly closing prices, as they had already left the upward trend channel on Tuesday. On the last two trading days, however, prices recovered and closed above the 38-day line and the EUR 60 mark again.

Following the two trading weeks shortened due to the Easter holidays, a total of 13,404,500 EUAs will be auctioned on the European Energy Exchange on all five trading days this week.

The exceptionally mild temperatures in Central Europe and the high auction volume could have a bearish effect on the price trend.

The fact that the Easter holidays are over and most market participants are now back at work could support the price.

From a technical perspective, a return of the price to the previous upward trend channel is possible, but so is a dip below the EUR 60 line.

    (Average Quotes Exchange / OTC)       
EUA (December-2024-Future)61.80 EUR60.58 EUR-1.22 EUR
VER (Natural Carbon Offsets)0.89 USD1.02 USD+0.13 USD
VER (CORSIA eligible Carbon Offsets)0.65 USD0.63 USD-0.02 USD
nEZ (German National Carbon Units)45.00 EUR45.00 EUR+0.00 EUR
ICE Brent Crude Oil (Benchmark Future)86.82 USD90.52 USD+3.70 USD
EURO (Currency, Forex)1.0788 USD1.0834 USD+0.0046 USD

(The VER quotes are average rates (carboncredits.com), which can be used within the framework of CORSIA and voluntary carbon offsetting. EUA, Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights or their futures and options. If you want to unsubscribe, please reply to this mail.)

Please call our international carbon desk if any further questions exist: +49.2831.1348220.

With kind regards,

ADVANTAG Services GmbH