Prices are being boosted by technical buying
EU ETS reaches record highs
Utility hedging and a tighter supply-demand balance are boosting prices, but falls still expected later in year
Prices in the EU emissions trading system (ETS) reached above €100/t CO₂ ($106/t CO₂) last week and hit their highest-ever closing level. Although not quite rising to the record high of €102/t CO₂ from last August—stopping just short at €101.19/t CO₂—the market has breached €100/t CO₂ for five of the last six trading days and average closing prices last week were the highest ever. Previously, when the market has risen to this level it has quickly fallen back as traders sold positions to lock in profits from the rallies. But profit-taking has failed to materialise this time, with traders betting the market could still rally further and breach the all-time high. 16pc — Amount of EU’s ele
Also in this section
8 December 2023
The US oil major is leveraging its skillset to develop a low-carbon portfolio spanning CCS and blue hydrogen to lithium for EV batteries
7 December 2023
An ambitious pipeline of CCS projects through 2030 shows optimism for the sector
6 December 2023
Talks focus on two key provisions to Paris Agreement rules allowing international trade in emission reductions
4 December 2023
Oil and gas companies look to defy cynics and play pivotal role in decarbonisation as the UAE hosts COP28
