Dear Sir or Madam,
US President Donald Trump is escalating the situation once again and continues to insist on his demand that the US take over Greenland. On Saturday, he announced that all countries opposing this plan would be subject to 10% tariffs from February onwards. As the issue of Greenland is also controversial among Republicans, it will provide plenty of talking points in the coming days. At least Trump has achieved one thing – the Epstein files are no longer the focus of public attention.
On the other hand, EU Commission President Ursula von der Leyen has signed the Mercosur agreement, which has been under negotiation for a quarter of a century and establishes a free trade area between the European Union and key South American countries, namely Argentina, Brazil, Paraguay and Uruguay, significantly reducing the burden of customs duties. This will not please the US President at all, as it highlights the absurdity of his tariffs, which are driving up the cost of living, especially in the US.
Financial, commodity and energy markets do not usually react enthusiastically to tariff announcements, but since you never know what Trump will do next, he could once again make a 180-degree turn and postpone or completely abolish the tariffs. It cannot therefore be ruled out that the markets will react less hysterically this week than they did at the beginning of last year.
Last week, prices for emission allowances in the EU ETS1 rose by 2.8% compared to the previous week, breaking through the upward trend channel and closing just above the upper line of the trend channel at a price of €92.04 in the December 2026 benchmark contract.
It remains to be seen how the markets will now deal with Trump’s tariff blackmail.
A total of 10,755,000 EUAs will be auctioned on the EEX this week on all five trading days, which corresponds to the highest weekly volume in each of the first three quarters.
| Instrument | 09/01/26 | 16/01/26 | Change |
| EUA (December-26-Future) | 89.56 EUR | 92.04 EUR | +2.48 EUR |
| EUA2 (December-28-Future) | 76.98 EUR | 75.05 EUR | -1.93 EUR |
| nEZ25 (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
| UKA (December-26-Future (UK)) | 69.02 GBP | 71.35 GBP | +2.33 GBP |
| UK Natural Gas (December-26-Future) | 70.16 GBP | 75.80 GBP | +5.64 GBP |
| ICE Brent Crude Oil (December-26-Future) | 61.75 USD | 62.10 USD | +0.35 USD |
| EURO (Forex) | 1.1636 USD | 1.1599 USD | -0.0037 USD |
(EUA, EUA2, UKA, Natural Gas, Crude Oil and Euro Currency shows day-end-exchange quotes of the benchmark contract. This market information has just an informational character and are no advice or offer to trade emission allowances 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 or book here a call with one of our specialists.
With kind regards,
Your Advantag – Team