Last Friday, the European Commission published the status table on free allocation to industry and heat production for 2024. According to the document, as of 28 November 2024, Member States have distributed nearly 90% of the total amount of allocation for this year.
On Friday, the European Commission adopted intermediate targets for EU member states with underground gas storage facilities on their territory as well as “for EU countries that are connected through the gas network.”
The European carbon market experienced on Thursday its third consecutive day of decline, closing at €67,63, its lowest in two weeks. It is also worth mentioning that EUAs were locked in a tight trading range of just €1,38 (€67.53-€68,91) most likely due to public holidays in the US.
The most recent Commitment of Traders (CoT) report published by the ICE platform revealed that investment funds have expanded their net long positions (long term-short term) to 9 million allowances from 1,5 million allowances in the previous week. This means that investors strongly believe that carbon prices will increase.
According to data provided by the European Centre for Medium-Range Weather Forecast (ECMWF) and compiled by Bloomberg, temperatures from now up to March “are expected to stay above seasonal norms”.
The European Commision announced last week the volumes of carbon allowances that would be auctioned in order to finance the RePowerEU objectives. According to the EU executive, around 86,7 million allowances are planned to be sold in 2025 with further 58 million allowances in 2026.
According to the latest Commitment of Traders (CoT) report published weekly by Ice exchange, investment funds have switched from a net short (short – long) to a net long (long – short) for the week ending November 15.
The European Commission has published on Tuesday its annual Carbon Market Report, an analysis on the functioning of the EU Emissions Trading System (EU ETS). The document covers the entire 2023 and the first half of 2024.
The European benchmark carbon contract traded briefly above €70 in yesterday’s session, the highest since early September. The EUAs last traded at €69.51, more than 2% above last Friday’s settlement.
As of 16 November 2024, Russian giant Gazprom suspended its natural gas deliveries to OMV, after the Austrian company was awarded €230 million in an arbitration proceedings from the International Chambers of Commerce (ICC) on Wednesday.