The latest Commitment of Traders (CoT) report from the ICE platform, released Wednesday morning, indicates that investment funds trimmed their net long positions (the difference between long and short positions) for the fifth straight week.

Based on market data as of last Friday, net long positions fell by an additional 13.8 million allowances compared with the previous week. This brought the total down to 68.8 million allowances, marking the lowest level recorded since early September. 

Last week’s drop marked the steepest weekly decline in fund’s net long positions since early April, when carbon prices faced heavy selling pressure in the wake of President Trump’s announcement of new U.S. tariffs on what he referred to as “Liberation Day.” 

The sentiment captured in ICE’s latest report did not fully mirror the actual market performance. Despite the continued reduction in net long positions, Dec-26 EUA prices rose by 4.38% over the course of last week. This marked the first weekly gain in five weeks, despite speculative positioning pointing to a more cautious or bearish tone among investment funds.