The most recent Commitment of Traders (CoT) report, published by the ICE platform this morning, revealed that investment funds have reduced their net long positions (long positions minus short positions) to just 15.6 million allowances, down from 23 million the previous week.

As of last Friday, speculative traders had decreased their long positions by 9.6 million allowances, bringing the total to 50.7 million— the lowest level since mid-November. At the same time, funds reduced their short positions by 2.1 million allowances to 35.1 million, the lowest since August 2023.

These aggregate holdings suggest that investors are becoming less confident in a rise in carbon prices, sending a bearish signal for EUA prices. Prior to mid-November 2024, investment funds exhibited a pattern of selling more EUAs than they were buying.

However, the trend reversed in the week ending 15 November, as speculative funds began consistently buying more EUAs than they were selling, leading to a net long position—an indication of expectations for rising prices.

Trading data mirrored the sentiment highlighted in ICE’s latest report. The EUA December 2025 contract settled at €70.96 last Friday, down from €72.97 the previous week, marking a 2.1% weekly decline.