EMISSIONS: EUAs Fall On EU Gas, Equities Losses

EUAs Dec25 are inching down, tracking losses in EU gas and equity markets, with the correlation between EUA-TTF rose to a one-week high. Meanwhile, the EUAs Dec25 implied volatility in the previous session has declined to a one-week low, as market tension eased.  

• EUA DEC 25 down 0.54% at 65.83 EUR/t CO2e
• EUA Daily Futures down 0.5% at 64.77 EUR/t CO2e
• TTF Gas MAY 25 down 1% at 34.05 EUR/MWh
• German Spark Spreads M1  down 1.7% at -18.33 EUR/MWh
• Rotterdam Coal MAY 25 unchanged at 102.4 USD/MT
• Estoxx 50 down 1.4% at 4838
• ICE EUA futures daily aggregate traded volume at 33,473 contracts in the previous day, down 25.14% compared with the 30-day average daily volume.
• Correlation between EUA/TTF for 30-day period tightened to 0.61 from the 0.58 on the previous day.
• Auction calendar for the day: The next bi-weekly Poland EUA CAP3 auction will clear at 11:00CET. The previous bi-weekly Poland auction cleared at 68.62 EUR/T at a 2.05 cover ratio.
• CWE wind has been mostly revised lower from the previous forecasts, with wind lowered by 10.5-11.2GW over 21-22 April at just 4-5% load factors.
• The latest month-ahead ECMWF weather forecast for NW Europe suggested mean temperatures is seen revised down for most days and is below average from 25 April.