The latest Commitment of Traders (CoT) report from the ICE platform, published on Wednesday morning, shows that investment funds lifted their net long holdings (long holdings minus short holdings) to another all-time high at the end of last week.

According to market data, net long positions rose by 3.2% to 113.3 million allowances, surpassing the previous record of 109.7 million set the week before. It also marks the fourth consecutive week in which net longs have remained above the 100-million threshold.

Speculative traders added 2.1 million allowances to their long positions, bringing the total to 140.8 million, while simultaneously trimming their short exposure by nearly 1.4 million to 27.5 million allowances, the lowest since early October.

“Investment funds have gone from essentially holding a flat position in EUAs at the end of last year to a record net long of almost 110k contracts,” said ING analysts, warning that this massive exposure “leaves some positioning risk in the market, particularly if there is any easing in the bloc’s climate ambitions.”