Weak Energy Prices cause carbon drift
As reported by Reuters (London) the European carbon futures are down slightly in early trade today, following power and oil, traders have said. The EU Allowances for December delivery were down 1.7% or 22 cents at 13.00 euros a tonne as at 0740 GMT.
One emissions trader said:
“It’s slightly weaker on energy…
… We’ve had a lot of positioning ahead of past auctions”
This was in reference to next week’s British auction of European Union allowances (EUAs), the trader continued by saying he is expecting some strategic trading later today or early next week.
U.S. crude oil futures fell by more than $1 to below $70 a barrel, which was driven lower by the dollar’s recovery and concerns over U.S. employment data also due today, there are also worries over the West’s talks with Iran regarding the OPEC member’s nuclear plan eased.
German Calendar 2010 baseload power is down 45 cents at 46.6 euros.
And benchmark CERs were unchanged at 11.82 euros a tonne, setting the EUA-CER spread at 1.18 euros.
Sources;
e-News link @ newenergyfinance.com
http://uk.reuters.com/article/idUKL210011220091002