EUA Dec11 trading above 10.00 EUR for the second time this month. Last Fridays and todays bullish run stopped with oil (WTI) reversing from nearly 100.00 USD a barrel.
Barclays cut its 2012 EUA price forecast and places the average price now at 12.00 EUR level.
Technically, as there was a breakout from the bearish trend, we could still see the carbon trading higher. Seems we are testing now 10.00 EUR support, next possible test would be 9.90 EUR level. Below that bearish sentiment could prevail.
Fundamentals are still bearish, with more supply coming in and rather sooner than later, we should hear about th first auction from NER300.