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Investment Funds Positioning Turns More Bearish

EMISSIONS
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Investment funds positioning in EU ETS futures has turned more bearish with net short positionings increasing with the latest Commitment of Traders data.

  • Investment Firm net short positionings rose by 4.48m to -258.78m – the most bearish since end March.
  • Investment Funds net short positionings increased by 1.37m to -8.05m
  • Commercial Undertaking net long positionings rose by 2.09m to 196.56m, the highest since mid April
  • EU ETS Dec 24 has been retreating from highs earlier in the week, amid some losses in European gas prices, while TNAC 2023 was broadly in line with market expectations. Additional downward pressure is expected from the latest manufacturing PMI data in Germany, France and the overall Eurozone remained in contractionary territory in May. However, most Eurozone countries nonetheless saw an improvement in their manufacturing PMIs in May. From the Eurozone-wide release: “While factory output fell, the contraction was the softest in just over a year and only marginal overall”.
    • EUA DEC 24 down 0.5% at 71.97 EUR/MT
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Investment funds positioning in EU ETS futures has turned more bearish with net short positionings increasing with the latest Commitment of Traders data.

  • Investment Firm net short positionings rose by 4.48m to -258.78m – the most bearish since end March.
  • Investment Funds net short positionings increased by 1.37m to -8.05m
  • Commercial Undertaking net long positionings rose by 2.09m to 196.56m, the highest since mid April
  • EU ETS Dec 24 has been retreating from highs earlier in the week, amid some losses in European gas prices, while TNAC 2023 was broadly in line with market expectations. Additional downward pressure is expected from the latest manufacturing PMI data in Germany, France and the overall Eurozone remained in contractionary territory in May. However, most Eurozone countries nonetheless saw an improvement in their manufacturing PMIs in May. From the Eurozone-wide release: “While factory output fell, the contraction was the softest in just over a year and only marginal overall”.
    • EUA DEC 24 down 0.5% at 71.97 EUR/MT