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EU Carbon Allowances Hold Onto Gains

EMISSIONS

EU ETS Dec24 is holding onto gains today albeit giving up some gains in the afternoon trading hours, amid political uncertainties after the first round of the French snap election, and further decoupling from moves in TTF gas prices. Carbon allowances also shrugged off latest NW European manufacturing displaying fresh signs of weakness.

    • EUA DEC 24 up 0.9% at 68.09 EUR/MT
  • EU ETS Dec24 has briefly rallied to an intra-day high of €69.68/ton CO2e, the highest since 20 June, before easing back.
  • The first round of the French parliamentary election on 30 June delivered a result largely in line with opinion polling as the right-wing nationalist Rassemblement National (National Rally, RN) secured a plurality of the vote. Attention now turns to the second round on 7 July, where President Emmanuel Macron is calling for a 'republican front' of the centre and left to join together to stop RN securing a majority.
  • Front month TTF prices have given up gains from early in the session to trade down on the day, with focus on cooler weather and steady fundamentals.

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