EMISSIONS: EU End-Of-Day Carbon Summary: EUAs/UKAs Rise On Gas, Equities Gains
{EEUAs/UKAs Dec25 are rising to the highest level since mid-June and mid-May, supported by gains in EU gas and equities, with TTF trading slightly higher amid signs of increased demand for spot cargoes in Asia, while the STOXX and FTSE rebounded as the global selloff eased. The latest COT report showed that funds built up net long positions in EUAs to a fresh five‑month high.
- EUA DEC 25 up 1.87% at 74.99 EUR/t CO2e
- UKA DEC 25 up 1.26% at 54.63 GBP/t CO2e
- TTF Gas OCT 25 up 1.3% at 32.175 EUR/MWh
- NBP Gas OCT 25 up 0.8% at 78.6 GBp/therm
- Estoxx 50 up 0.7% at 5325.68
- The latest bi-weekly Poland ETS CAP3 auction cleared at €73.27/ton CO2e, up 3.97% compared with the previous bi-weekly Poland auction at €70.47/ton CO2e according to EEX.
- UKA ICE auction cleared at £53.55/ton CO2e, compared with £49.95/ton CO2e in the previous auction on 20 Aug according to ICE.
- EUA POSITIONING – Investment funds grew net long positions in EU ETS futures on the ICE exchange as of 29 August to the highest level since 28 March, rebounded from the previous steep cut, according to the latest COT data.
- UKA POSITIONING – Investment funds cut net long positions in UK ETS futures on the ICE exchange as of 29 August, retreated from the last week’s 13-week high, according to the latest COT data.
- TTF is trading slightly higher amid signs of increased demand for spot cargoes in Asia, but still stands below yesterday’s high of €32.735/MWh. Storage injections continue as curtailed pipeline supply from Norway due to maintenance is partly offset by higher LNG imports.
- The European Solar Manufacturing Council (ESMC) called on the EU Commission to extend the CBAM to cover downstream solar products, it said.
- As the next step, the Committee on Industry, Research and Energy (ITRE) will review the EC’s 2040 climate target proposal and give its opinion, according to the EU Parliament.
- EUROZONE AUGUST COMPOSITE PMI 51; PRELIM 51.1
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GERMANY: Fin Min Klingbeil To Meet w/US Treasury Sec Bessent
Speaking on a visit to Washington, D.C., German Finance Minister Lars Klingbeil speaks on the trade and tariff deal reached between the EU and US in late July. Says it is "positive that there is a deal, but there is a lot to clarify with the US." Laments that "We were too weak in negotiations, we cannot be satisfied." Klingbeil: "We need a quick solution to the trade conflict; security is important for German companies", adding that he will address the issue of steel quotas with Bessent. Regarding the firing of the BLS Commissioner on 1 August, Klingbeil only says, "Institutions must remain independent."
- This trip is Klingbeil's first to the US in office, and he is due to meet with US Treasury Secretary Scott Bessent later today. Klingbeil says that he and Bessent "have been in constant communication" and that he seeks good relations with his US counterpart. Ahead of the meeting, US Trade Representative Jamieson Greer pours cold water on the prospect of a majorly-altered deal, saying "The tariffs are practically final".
- Prior to his visit, Klingbeil, speaking to German radio, reiterated his view that the EU gave in too easily in trade talks: "I think that our weaknesses have already been exposed in the dispute with the Americans over customs duties". He also advocated for closer cooperation with non-EU Western partners such as the UK and Canada.
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.923 BLN FROM $73.000 BLN TOTAL
- US TSY 26W AUCTION: NON-COMP BIDS $1.923 BLN FROM $73.000 BLN TOTAL
FED: US TSY 13W AUCTION: NON-COMP BIDS $2.209 BLN FROM $82.000 BLN TOTAL
- US TSY 13W AUCTION: NON-COMP BIDS $2.209 BLN FROM $82.000 BLN TOTAL
