Overview

Last week, EUAs traded with a slightly softer tone overall, but the move was not a collapse; it was a range-bound consolidation driven by a mix of energy-market weakness, positioning, and policy focus. The benchmark December contract spent most of the week fluctuating within a relatively narrow band in the mid-€70s, ending modestly lower week-on-week after several sessions of two-way trade.

The main pressure came from lower European gas and power prices and generally subdued industrial demand signals, which reduced the immediate incentive to hedge emissions exposure aggressively. Analysts also pointed to profit-taking by speculative longs after the spring rally, while compliance demand remained present but not dominant enough to push prices decisively higher.