Overview

Last week EUAs saw a little more life, with the Dec-25 benchmark yo-yoing between €71 and €73 in a “one-day-up, one-day-down” pattern that’s defined much of the summer range. August ultimately closed just 0.9% up on the month: the smallest monthly move since 2016. With September underway, traders are returning from holidays and positioning for Autumn… Plus, the small matter of the 30 September surrender should inject some momentum. Next week (8–10 September) Gastech in Milan kicks off conference season. Hecla will be on the ground and at several side events as LNG owners and charterers shift focus from ETS to FuelEU Maritime and put structures in place to manage FuelEU surplus. Drop us an email if you’d like to meet in Milan!