The most recent Commitment of Traders (CoT) report published by the ICE platform on Wednesday morning revealed that investment funds have increased their net long positions (long term-short term) to  7,5 million allowances from 2,6 million allowances in the previous week.

Data shows that, as of last Friday, speculative traders had increased their long-term investments by a massive 5,6 million allowances to a total of 59,3 million allowances. The rise is impressive, considering limited trading activity due to the Labor Day holiday. 

During the same interval, speculative traders had slightly increased their short positions by just 0,7 million allowances, from to 51,7 million allowances. 

As a result, net log holdings are now at their highest in a month. Such trading data suggest that investors are more confident about the likelihood of rising carbon prices, adding bullish pressure for EUAs. 

Market data once again corroborated the investment fund sentiment outlined in ICE’s most recent report. The EUA December 2025 contract settled at €68.76 last Friday, representing an increase of 4% compared to the previous week.