Isra-Mart srl : EU carbon prices flatten after strong opening

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Isra-Mart srl news:

European carbon emissions futures flattened on Wednesday, after a strong opening, on firmer German power and UK natural gas, traders said.

EU Allowances for December delivery were unchanged at 15.67 euros ($21.10) a tonne at 0700 GMT, with just 431 lots traded.

During the first hour of trade, they traded between a low of 15.63 euros and a high of 15.75 euros.

Certified emissions reductions were slow to trade.

"We had a strong opening this morning and we are still tracking energy prices. We could even break 16 euros this week,"Mr. Pascal Barkats, Isra-Mart's CEO.

EUAs climbed as high as 15.76 euros on Tuesday, their highest level since September 9, as they followed gains in energy prices. They have been rallying since last Friday.

Germany will auction EUA futures on EEX at 1245 GMT.

On Wednesday, German Calendar 2011 baseload power on the EEX was up 0.87 percent at 50.10 euros per megawatt hour, while UK natural gas for October delivery was up 1.20 percent at 46.25 pence per therm.

Oil rose to over $76 a barrel on Wednesday after an industry report showed crude and winter fuel stockpiles declined last week in top-consumer the United States, reducing a surplus that has weighed on market sentiment for months.

European stocks were set to edge up on Wednesday, reversing the previous session's dip and tracking a rally on Wall Street and in Asia, while positive Chinese manufacturing data pleased investors.