Midday market update: EUAs breach €25 to trade at 5-week high
European carbon allowances climbed to a 5-week high in morning trading on Wednesday, as oil prices nudged higher and concerns persisted over UK gas supplies.
By 13.00 CET, the benchmark December 2008 EUA contract was trading at €25.10 on the brokered over-the-counter market, €0.40 higher than yesterday’s close.
The most liquid carbon contract opened at €24.75 and reached as high as €25.25 on the European Climate Exchange (ECX) in early morning trading.
The 2008 EUA is trading at its highest level since 25 July, the last day carbon closed at €25.00 or above, when it reached an intra-day peak of €25.60.
“Carbon has moved up because crude is looking perky this morning and is stronger and there are continued concerns about the UK gas supply this winter,” said one carbon trader.
The front month Brent crude oil price was trading at $115.51/bbl at 13.00 CET, up on yesterday’s closing price of €114.63, according to the Intercontinental Exchange.
The UK winter 2008 gas contract had reached 102.50p/therm, a 2.7 per cent increase on yesterday’s close.
On 20 August, a gas pipeline owned by Norwegian company StatoilHydro sprung a leak. The company said the earliest it expects to complete repairs is next spring but it is still examining ways to speed up the process, according to a Montel Powernews report today.
The price of secondary CER contracts rose in sympathy with EUAs in morning trading. By 13.00 CET, the 2008 CER contract was changing hands at €20.90 in the brokered over-the-counter market, up €0.35 on yesterday’s close.
The difference between the 2008 EUA and CER contracts reached €4.20, slightly wider than at yesterday’s close when the spread was €4.15.
London
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Prices
Point Carbon EUA OTC assessment (EUR/t)
Last 30 days
Point Carbon Secondary CER OTC assessment
| Date | Low | High | |
|---|---|---|---|
| DEC 2008 | 19 Nov 08 | 14.60 | 14.70 |
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