The latest Commitment of Traders (CoT) report from the ICE platform, published Wednesday morning, shows that investment funds reduced their net long positions (long minus short) for a second consecutive week.

According to market data as of last Friday, net long positions declined by a further 12 million allowances week on week, bringing the total to 100.6 million allowances—the lowest level in three months. This follows a 13.5 million allowance reduction in the previous reporting period.

Despite the recent pullback, net speculative EUA holdings have risen sharply since September. From November onward, the previous record of around 104 million allowances—set in May 2021—was exceeded every week until last week.

While the reductions seen over the past two weeks have eased some positioning pressure, fund exposure remains above 100 million allowances, still elevated by historical standards. The sentiment reflected in ICE’s latest report was echoed in market activity, with Dec-26 EUA prices falling 8% last week—the steepest weekly decline in two years.