The European carbon market traded on a positive note during the first three sessions of last week. After touching a new ten-month high on Thursday, prices pulled back, ending the week with two consecutive daily declines.

Even so, European carbon prices managed to hold above €80 and still posted a third straight weekly increase. Friday’s close at €80.93 was 1.83% higher than the previous week, marking the strongest weekly gain since early October.

Evolutia saptamanala a pretului EUA 

Turnover remained robust at 175.7 million allowances, roughly in line with the previous week. This figure is well above this year’s weekly average of 138 million, indicating sustained positioning interest.

Looking ahead, EUAs appear well supported, as prices typically rise toward year-end amid increased heating demand and the annual auction pause. The last sale of 2025 is set for December 15, while the first auction of 2026 is scheduled for January 7, creating a three-week holiday break over the Christmas and New Year period — a pause that is traditionally seen as a bullish signal.

However, downside risks could emerge if funds begin reducing their exposure. According to Yan Qin, analyst at ClearBlue Markets, although fund positioning may continue to support carbon prices for the remainder of the month, “some liquidation in net longs is anticipated in the second half of December due to end-of-year profit-taking.”