MNI China Daily Summary: Wednesday, November 20

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EMISSIONS: EUA Speculator Positioning Most Bullish Since Late-July 2023

EMISSIONS
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Speculator positioning in EU ETS futures on the ICE exchange were again more bullish with investment funds positioning turning net long for the first time since late July 2023 the latest COT data as of 15 November showed.

  • Investment Funds switched to net long positionings last week of +1,538, compared with net short positionings of -2,524 the week before.
  • Investment Firm net short positionings increased by 5,394 to -377,235.
  • Commercial Undertaking net long positionings edged higher by 1,604 to +294,184.
  • EU ETS Dec24 allowances were broadly unchanged on the week last week, shrugging off sharp gains in EU gas prices that were driven by headlines suggesting supply disruptions via the Ukrainian transit route. 
     
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Speculator positioning in EU ETS futures on the ICE exchange were again more bullish with investment funds positioning turning net long for the first time since late July 2023 the latest COT data as of 15 November showed.

  • Investment Funds switched to net long positionings last week of +1,538, compared with net short positionings of -2,524 the week before.
  • Investment Firm net short positionings increased by 5,394 to -377,235.
  • Commercial Undertaking net long positionings edged higher by 1,604 to +294,184.
  • EU ETS Dec24 allowances were broadly unchanged on the week last week, shrugging off sharp gains in EU gas prices that were driven by headlines suggesting supply disruptions via the Ukrainian transit route.