Overview

EUAs closed at €81.26, down just over €7/EUA from the week’s opening, marking the steepest weekly fall since January 2024. The sell-off followed on from the previous week’s decline of €3/EUA. That said, a recent survey of 10 analysts forecasts EUAs to average €92.65/EUA in 2026 - around a 14% increase from last week’s close if realised.

The drop has come despite gas storage levels falling to their lowest for this time of year since before 2022, with TTF front-month natural gas prices briefly rising to almost €40/MWh last week before correcting sharply back to the mid-€34s/MWh at the time of writing.