The CO₂ market continues to show strong upward momentum to date. The market has broken through the highs of the second half of 2024 and is now heading towards last year's highs. The large open interest in call options suggests further upside potential and higher volatility.

After a rally of around ten percent from the December lows, the market is now trading well above the long-term moving averages and is targeting the EUR 80 mark for December 2025 futures. This strong upward movement could be further strengthened by the extensive net long positions of investment funds. With winter approaching, many traders find it more attractive to hold a bullish position (speculating on rising market prices) rather than remaining neutral or betting on falling prices. This explains the current net long positions totaling 29 million tonnes - a level last reached at the end of August 2022, when EUAs rose to an all-time high.