The most recent Commitment of Traders (CoT) report, published by ICE this morning, revealed that investment funds cut their net long positions (longs minus shorts) to 20.2 million allowances, down from 28.8 million the week before.

In relative terms, bets on rising carbon prices fell by 30% in a single trading week — the steepest drop in nearly two months. These positions suggest fading investor confidence in further price gains, signaling a bearish outlook for EUA prices.

According to data available as of last Friday, speculative traders had reduced their long positions by 5.9 million to 60 million, while funds increased their shorts by 2.7 million to 39.8 million.

Trading data reflected the bearish tone: the EUA December 2025 contract settled at €70.68 last Friday, down from €73.21 a week earlier — a 3.46% weekly decline.