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EUA prices rise by over 2%

Prices of EU carbon allowances (EUAs) for December delivery gained over 2% on Thursday after rising to a new one-month high.

The EUA futures contract for December 2012 delivery finished at € 7.75 on ICE Futures Europe, up € 16 cents (2.1%) on yesterday’s close.

The EUA contract climbed to € 7.84 in morning trade, the highest level since December 29, after rising to € 7.73 yesterday. However, prices moved lower to € 7.60 in the afternoon.

EUA prices were driven higher by stronger German power, which made gains on forecasts of colder weather in Europe, but moved lower later in the session due to profit-taking. 

German 2013 baseload power trading on the European Energy Exchange (EEX) finished up 32 cents at € 51.60 per MWh.

Meanwhile, oil prices also moved higher after the U.S. Federal Reserve promised on Wednesday to keep the interest rates low until at least late 2014.

Front-month Brent crude oil rose to $ 111.89 a barrel in afternoon trade on ICE, up $ 2.08 on yesterday’s close.

Lithuania sold today in the second auction on EEX 850,000 EUAs at € 7.46, close to the market price.

The CER futures contract for December 2012 delivery finished up 6 cents (1.6%) at € 3.92.

On BlueNext in Paris, the EUA spot contract added 15 cents (2%) to € 7.51.

Source: ICE Futures Europe, BlueNext, EEX, Reuters