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EMISSIONS: EUAs Rise On Colder Weather, UKAs Dip On Selloff

EMISSIONS

EUA Dec25 is rising on a downward revision of temperature forecasts for the month ahead and has been tracking TTF rally. UKAs are pulling back on selloff despite no bearish changes in fundamentals. 

  • EUA DEC 25 up 1.8% at 72.31 EUR/t CO2e
  • UKA DEC 25 down 3.4% at 41.4 GBP/t CO2e
  • TTF Gas APR 25 up 3% at 45.645 EUR/MWh
  • NBP Gas APR 25 up 3.3% at 108.3 GBp/therm
  • UKAs selloff potentially came from rising new short positions or profit-taking on existing long positions. Prior to the dip today, UKA Dec25 gained 5% last week and open interest hit the highest level since Dec24 expiry on 24 Feb.
  • TTF prices continue to trade up on the day – albeit giving back some gains from the morning – as the market assesses EU storage supply risks and potential Ukrainian peace talks. A renewed Ukrainian drone strike attempt at the Turkstream pipeline on Saturday adds upward pressure.
  • The EU opened a consultation on the Omnibus simplification package until 26 March, following the release of Clean Industrial Deal last week.
  • The latest EU ETS CAP3 auction cleared at €70.31/ton CO2e, up 0.50% compared with the previous EU auction at €69.96/ton CO2e according to EEX.
  • Orlen and Equinor have signed a MoU for the cooperation on CCS projects in Poland, the firm said, cited by Bloomberg.
  • Wells Fargo is dropping its 2050 net-zero emissions target and its 2030 interim target, as the conditions necessary to facilitate their clients' transitions have not occurred, the bank said.
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EUA Dec25 is rising on a downward revision of temperature forecasts for the month ahead and has been tracking TTF rally. UKAs are pulling back on selloff despite no bearish changes in fundamentals. 

  • EUA DEC 25 up 1.8% at 72.31 EUR/t CO2e
  • UKA DEC 25 down 3.4% at 41.4 GBP/t CO2e
  • TTF Gas APR 25 up 3% at 45.645 EUR/MWh
  • NBP Gas APR 25 up 3.3% at 108.3 GBp/therm
  • UKAs selloff potentially came from rising new short positions or profit-taking on existing long positions. Prior to the dip today, UKA Dec25 gained 5% last week and open interest hit the highest level since Dec24 expiry on 24 Feb.
  • TTF prices continue to trade up on the day – albeit giving back some gains from the morning – as the market assesses EU storage supply risks and potential Ukrainian peace talks. A renewed Ukrainian drone strike attempt at the Turkstream pipeline on Saturday adds upward pressure.
  • The EU opened a consultation on the Omnibus simplification package until 26 March, following the release of Clean Industrial Deal last week.
  • The latest EU ETS CAP3 auction cleared at €70.31/ton CO2e, up 0.50% compared with the previous EU auction at €69.96/ton CO2e according to EEX.
  • Orlen and Equinor have signed a MoU for the cooperation on CCS projects in Poland, the firm said, cited by Bloomberg.
  • Wells Fargo is dropping its 2050 net-zero emissions target and its 2030 interim target, as the conditions necessary to facilitate their clients' transitions have not occurred, the bank said.