According to the weekly Commitment of Traders (CoT) report published by ICE on Wednesday, investment funds increased their net long positions in EUAs to 18.9 million allowances as of last Friday—up nearly 21% from the previous week—suggesting growing optimism among speculators regarding the outlook for EUAs.

During the week ending July 4, speculators raised their long positions from 50.7 million to 52.8 million allowances, a rise of 2.1 million allowances. At the same time, short positions declined by 1.2 million to just 33.8 million allowances, the lowest since the week ending August 25, 2023.

For the first time in three weeks, speculators have increased their bets on rising prices, coinciding with EUAs falling well below the psychologically significant €70 mark in the middle of last week. According to trading data, investors began to “pile back into long contracts,” signaling an end to “two weeks of heavy selling pressure,” as reported by Quantum Commodity Intelligence.

Market data once again corroborated the investment fund sentiment outlined in ICE’s most recent report. The EUA December 2025 contract settled at €70.96 last Friday, representing a decline of 2.75% compared to the previous week.