Dear Ladies and Gentlemen
The past trading week started with a significant slump in EU emission allowances. After opening at EUR 84.01, the price of EUAs for the December 2025 benchmark contract fell to EUR 80.10 in the course of the day on Monday. On Tuesday and Wednesday, prices briefly dipped below EUR 80 on an intraday basis, but always managed to stabilise above the 80 mark by the end of the trading day.
From a purely technical perspective, EUAs are still in overbought territory, with the sharply rising 38-day line currently at 76.69 euros and the 200-day line, which has also been rising since mid-2024, currently at 70.77 euros.
It will be interesting to see whether the nervousness of some market participants will determine the price, or the EUAs can continue to hold their ground above the EUR 80 mark on a daily closing basis.
With the exception of Wednesday, there are four auctions on the European Energy Exchange in the new trading week, with a total volume of 11,343,500 allowances, which is a decrease of 15.5% compared to the previous week.
A new auction calendar for Germany’s national emissions trading scheme is not yet available, although the Bundestag passed the TEHG reform bill in mid-January. It is not yet known when the Bundesrat will give its approval.
(Average Quotes Exchange / OTC) | |||
Instrument | 31/01/25 | 07/02/25 | Change |
EUA (December-25-Future) | 83.93 EUR | 82.28 EUR | -1.65 EUR |
nEZ (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
UKA (December-25-Future (UK)) | 45.81 GBP | 46.97 GBP | +1.16 GBP |
UK Natural Gas (December-25-Future) | 121.95 GBP | 129.34 GBP | +7.39 GBP |
ICE Brent Crude Oil (December-25-Future) | 71.48 USD | 71.51 USD | +0.03 USD |
EURO (Forex) | 1.0360 USD | 1.0328 USD | -0.0032 USD |
(EUA. UKA, Natural Gas, 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 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.
With kind regards,
Your Advantag – Team