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EU Emissions Trading - 17.05.2010 |
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Written by climatecorp.com
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Tuesday, 18 May 2010 21:12 |
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High volatility on the market – EU stability package with limited positive impact – pessimism back again after short rally – weak German power pulls carbon down – Ascension calmes markets down on Thu and Fri – suspension of Bulgaria without significant effect – spot EUAs positive at EUR 15.50 – spot CERs negative at EUR 13.35
Monday was the second consecutive day with a loss for the EUA-Dec10 contract. Although carbon soared on the back of the euro stability pack in the morning session, it slid later that day as the conditions of the package became known und German power dropped. After an intraday high above the 16 Euro-margin, the EUAs settled at EUR 15.26.
It was all different on Tuesday, when carbon had to go through a subdued morning with prices below 15 Euros just to rebound later the day with a closing price of EUR 15.69. It was almost impossible to find a singular reason for this rally. Oil was strong while German power fell again. In the middle of a turbulent trading session, the German government sold 300k at its weekly auction at EUR 14.98.
Wednesday was the third day in a row marked by high volatility. The EUA-Dec10 contract broke through the 16 Euro-barrier twice: in an early upswing and in a later downswing. The market absorbed rumors about the Kerry-Liebermann draft and had to pay tribute to another bad day for German power prices. 570k EUA-Dec10s were cleared at EUR 16.04 in Germany before the market closed at EUR 15.74.
Thursday was a public holiday for many European countries, which is why tranquility ruled the market. Not even the news about the temporary suspension of Bulgaria from the ETS had a real impact on the carbon market. Finally, emission rights were worth EUR 15.82 at the end of the trading session.
As many market participants took Friday off, it was another calmer day for the carbon market. Amid mixed signals from the energy complex, pessimism about economic growth in the EU raised the pressure on carbon. The EUA-Dec10 contract went out of the week at EUR 15.65.
Spot EUAs were in line with the EUA-futures with a settlement price of EUR 15.50. However, CERs lost ground and closed in the reds at EUR 13.35. Consequently the EUA/CER spread widened to EUR 2.15. EUA-Dec10 (ICE): | Close Last Week | Intraweek Low | Intraweek High | Close Fri | Change | | EUR 15.54 | EUR 14.93 | EUR 16.27 | EUR 15.65 | EUR + 0.11 | EUA-Spot (BlueNext): | Close Last Week | Intraweek-Low | Intraweek-High | Close Fri | Change | | EUR 15.37 | EUR 14.74 | EUR 16.05 | EUR 15.50 | EUR + 0.13 | CER-Spot: | Close Last Week | Intraweek Low | Intraweek High | Close Fri | Change | | EUR 13.55 | EUR 12.95 | EUR 13.80 | EUR 13.35 | EUR - 0.20 | Trading volumes of last 5 days: | OTC
Brokered
Market | ECX | NordPool | EEX | BlueNext | EXAA | | | 77.2 Mt | Exchange
74.5 Mt | EFP
25.2 Mt | Exch.
322 kt | OTC
75 kt | CER
10 kt | Spot
315 kt | Dec10
675 kt | EUA
4.9 Mt | CER
0.3 Mt | 0 kt |
| EU Allowances: Current Price Range | | | Bid Ask | | | Reference | Quantity | Price (Euro) | Vintage | Other Terms | Reference | Quantity | Price (Euro) | Vintage | Other Terms | | EUA-Spot | 10.000 | 14.92 | | | EUA-Spot | 10.000 | 14.99 | | | | EUA-Dec10 | 10.000 | 15.11 | | | EUA-Dec10 | 10.000 | 15.12 | | | | CER-Spot | 10.000 | 12.81 | | | CER-Spot | 10.000 | 12.97 | | | |
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