The price is currently back at around € 74, but is trending downwards. The reasons for this decline are weak gas prices, the restart of the #EUETS auctions and continued profit-taking after the rally over the holidays.

In addition, recent Commitments of Traders (CoT) data shows that funds are holding their highest net long positions (~20 million EUA) in almost two years. This underlines the confidence of institutional investors in long-term price stability or even a further rise.

The market reaction to the upcoming Polish EUA and UKA auctions and the impact of the amended ICE margin requirements will remain decisive for the short-term price trend.