CO₂ prices remain on an upward trend and have reached their highest level in over six months. Fundamental factors actually give little reason for this - apart from the approaching deadline for 2024 emissions. Nevertheless, the market is rising steadily. Even small setbacks are immediately bought again, which shows that demand remains very strong.

The daily auctions also support this trend: almost all of them close at or even above the secondary market price, which indicates real demand in the market. The role of investment funds is particularly striking: Their net long positions are growing continuously and have reached a new record level. "Long" means that market participants are betting on rising prices. According to the latest data, funds now hold more than 100 million tonnes on the long side, while the short side - i.e. bets on falling prices - stands at around 31 million tonnes.

Normally, such speculative-driven rises do not last long because the buying power eventually diminishes. This time, however, it could be different. Several analysts expect a supply deficit from 2026, which could last until 2027. This would support prices in the longer term.

The market is currently heavily driven by speculation and fund exposure, but the prospect of a future deficit could make the price rise more sustainable this time.