The most recent weekly report of the Commitment of Traders (CoT),  published by the ICE platform on Wednesday, revealed that investment funds have reduced their net long positions (long term positions – short term positions ) to 16,9 million allowances, down by nearly 5% compared to the previous report, primarily due to an increase in short positions.

Figure shows that, in the week ending May 30, speculators have slightly reduced their long holdings from 58 million allowances to 57,8 million allowances. During the same interval, funds have increased their short investments by 0,74 million allowances from 40,16 million allowances to 40,90 million allowances. 

This marks the first drop in net long positions since late April, signaling that investors are significantly less confident in the prospect of rising prices compared to six weeks ago. Also notable, positions accumulation from investors are currently at 98,7 million allowances, the lowest level since early January which could suggest that funds are less certain about the future price direction. 

Trading data echoed the sentiment highlighted in ICE’s latest report, as EUA Dec’25 settled at €70.41 last Friday, down from €71.56 the week before marking a 1.6% weekly decline and ending a seven-week winning streak, according to Carbon Pulse.