EMISSIONS: EU Mid-Day Carbon Summary: EUAs Reverse Move on Gas
EUAs are edging down after earlier strength to be weighed down by a selloff in EU gas prices. UKAs have also erased gains to edge higher, amid EUA downside. EUAs-Dec26 and UKAs-Dec26 briefly rallied shortly after 9AM BST, with no clear driver identified so far. * EUA DEC 26 down 0.6% at 86.18 EUR/MT * UKA DEC 26 down 0.7% at 57.7 GBP/MT * TTF Gas OCT 26 down 1.1% at 72.53 EUR/MWh * Germany Base Power OCT 26 down 1.2% at 160.38 EUR/MWh * Estoxx 50 down 0.3% at 6308.12 * FTSE 100 down 0.2% at 10766.5 * Investment Funds slightly reduced their net long positions in ICE EUAs, driven by a decline in options net longs, according to the latest CoT data as of 18 September. * Investment funds reduced net long positions in ICE UKA futures, according to the latest CoT data as of 18 September. * EU member states agreed their negotiating position on changes to the MSR moving from annual invalidation above 400mn allowances to a temporary suspension of invalidation followed by an 800mn threshold from 2031. * UK PM Andy Burnham and European Commission President Ursula von der Leyen discussed working towards a successful outcome for the next EU-UK summit later this year during talks at the UN Genera
EUAs are edging down after earlier strength to be weighed down by a selloff in EU gas prices. UKAs have also erased gains to edge higher, amid EUA downside. EUAs-Dec26 and UKAs-Dec26 briefly rallied shortly after 9AM BST, with no clear driver identified so far. 5 * Investment Funds slightly reduced their net long positions in ICE EUAs, driven by a decline in options net longs, according to the latest CoT data as of 18 September.
* Investment funds reduced net long positions in ICE UKA futures, according to the latest CoT data as of 18 September. * EU member states agreed their negotiating position on changes to the MSR moving from annual invalidation above 400mn allowances to a temporary suspension of invalidation followed by an 800mn threshold from 2031. * UK PM Andy Burnham and European Commission President Ursula von der Leyen discussed working towards a successful outcome for the next EU-UK summit later this year during talks at the UN General Assembly on Tuesday, according to Downing Street, cited by Eastern Daily Press.
* The two leaders emphasised the importance of working together on common European security threats, illegal migration, and unfair competition and overcapacity in global markets. Von der Leyen said she was looking forward to the planned summit and that, with the "right mix of ambition and focus", the UK and EU could deliver a stronger partnership. * The next UKA ICE auction will take place today. 39/ton CO2e on 9 September, ICE data showed.
* German thermal generation is running higher on the year in September, led by stronger coal and lignite output, amid higher net exports, slightly stronger demand and lower wind generation. * TTF front month has fallen amid market optimism around US-Iran talks on the sidelines of this week's UN gathering, though remains within yesterday's range.