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EMISSIONS: EUA Speculator Positioning Turns Most Bullish Since Early Sept

EMISSIONS
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Speculator positioning in EU ETS futures on the ICE exchange turned more bullish with net short positions decreasing to the lowest since early September, the latest COT data as of 25 October showed. 

  • Investment Funds net short positionings decreased by 9,257 to -15,073 – the lowest since 6 September.
  • Investment Firm net short positionings increased by 7,564 to -343,943.
  • Commercial Undertaking net long positionings edged down by 2,119 to +277,922.
  • EU ETS Dec24 allowances saw a sharp weekly increase of almost 7.2% last week with forecasts for cooler weather and rally in EU gas prices with an increased Middle East supply risk premium. Allowances this week remain elevated after a dip on Monday with forecasts for low renewable output in NW Europe and cooler weather, supporting fossil-fuel output expectations. 
     
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Speculator positioning in EU ETS futures on the ICE exchange turned more bullish with net short positions decreasing to the lowest since early September, the latest COT data as of 25 October showed. 

  • Investment Funds net short positionings decreased by 9,257 to -15,073 – the lowest since 6 September.
  • Investment Firm net short positionings increased by 7,564 to -343,943.
  • Commercial Undertaking net long positionings edged down by 2,119 to +277,922.
  • EU ETS Dec24 allowances saw a sharp weekly increase of almost 7.2% last week with forecasts for cooler weather and rally in EU gas prices with an increased Middle East supply risk premium. Allowances this week remain elevated after a dip on Monday with forecasts for low renewable output in NW Europe and cooler weather, supporting fossil-fuel output expectations.