The most recent Commitment of Traders (CoT) report published by the ICE platform on Wednesday morning revealed that investment funds have reduced their net long positions (long term-short term) to  2,7 million allowances from 3,3 million allowances in the previous week.

Data shows that, as of last Friday, speculative traders had reduced their long-term investments by 0,6 million allowances to a total of 53,6 million allowances. At the same time, funds had slightly reduced their short positions by just 0,03 million allowances to 51 million allowances. 

Source: Commitment of Traders, chart by EMBA Power

As a result, net log holdings are now well below their three year peak of 60,5 million allowances recorded in the week ending February 7. Such trading data suggest that investors are far less confident about the likelihood of rising prices than they were two and a half months ago.

According to a recent analysis made by ABN AMRO, “the market is now neutral in terms of net positions, suggesting that there is still scope for more bearish sentiment to take hold.” 

Trading data once again corroborated the investment fund sentiment outlined in ICE’s most recent report. The EUA December 2025 contract settled at €66.43 on Friday, representing an increase of approximately 1% compared to the previous week.