After the brief rebound during August, the EUA market experienced a bearish trend in the last few days, with most trading sessions showing declines that brought EUA to the lowest price levels seen since April 2024.
Volatility in the gas market has also had an impact on EUA prices. Increases in gas prices had initially pushed EUA prices up, however we saw a drop in TTF last week. This was exacerbated by market speculation of gas transit agreements between Ukraine and Azerbaijan, which was quickly reported as incorrect.
Despite this volatility, the EUA appears to have found a support level around 62 €/ton, hinting at a potential bullish reversal. The main price drivers remain TTF gas prices and the expiration of EUA options, which could influence market dynamics further.
