The European carbon price soared on Monday on reports that the European Commission is looking at cutting the emissions cap under the EU Emissions Trading System (EU-ETS) to enable a 55% EU-wide emissions cut by 2030. Month-ahead ETS allowance (EUA) futures leapt 7.8% on the news, closing at EUR 30.44/tonne – a price not seen in at least a decade.
Brent crude remained weak on Monday, with Brent crude losing 0.6% to close at USD 39.61/barrel and US crude benchmark WTI settling down 0.2% at USD 37.26/barrel.
Natural gas prices were buoyant, with US benchmark Henry Hub gaining 1.8% to close at USD 2.31/MMBtu. European gas hubs NBP and TTF both gained around 2% to close at the equivalent of USD 3.65/MMBtu and USD 3.73/MMBtu, respectively. CME’s JKM futures contract was again unchanged at USD 4.31/MMBtu.
Front-month futures and indexes at last close with day-on-day changes (click to enlarge):
Time references based on London GMT. Brent, WTI, NBP, TTF and EU CO2 data from ICE. Henry Hub, JKM and API2 data from CME. Prices in USD/MMBtu based on exchange rates at last market close. All monetary values rounded to nearest whole cent/penny. Text and graphic copyright © Gas Strategies, all rights reserved.