Carbon price hits all-time low

“I still don’t see any bottom to this market.”

Reuters reports,

EU carbon prices fell to their lowest ever level on Wednesday as the euro currency and equities slid on renewed fears over the bloc’s debt crisis and oil prices tanked after producers promised to maintain high output.

The ICE ECX December 2011 EUA contract fell 73 cents to an all-time low of 6.30 euros, down 10.4 percent on Tuesday’s 7.03-euro settlement.

By 16.30 GMT, the contract had recovered slightly to 6.41 euros on healthy turnover of around 15 million units.

The drop sends the contract into unchartered territory, falling well below its previous low of 6.77 euros on December 6 as market traders saw few signs of respite in the EU economy to boost demand for emission permits.

I still don’t see any bottom to this market,” said one carbon trader, who said any positive sentiment from this weekend’s landmark U.N. climate summit in Durban was purely psychological as it brought no increase in demand for permits.

It’s clear that Durban didn’t help, and Canada’s announcement of its Kyoto Protocol withdrawal tells you what little countries think about international agreements,” he added. [Emphasis added]

3 thoughts on “Carbon price hits all-time low”

  1. While I certainly agree that Canada made the correct choice on the Kyoto hoax, I think the nameless trader was in fact referring to international agreements and what “little” they count, not Canada. What is amazing is how the Europeans continue on this path of carbon permits trading, how’s that Chicago Carbon Exchange been working out for you?

  2. Maybe reality is about to force stupidity out of the room. The AGW hoax promulgated by the socialist UN has been laid bare as nothing more than
    a scheme to transfer wealth and seize control over people and whole countries.

    None of the catastrophes that the alarmist’s dire predictions have made have come to pass. The earth is not currently warming, sea levels are not rising, sever weather is not increasing – and on and on.

    Of course, weather and climate has and always will be highly variable. Better to adapt and mitigate than try to change it. The world must stop wasting billions on ineffective programs. We have run out of other people’s money to spend.

  3. This “little country”, as Herr Nameless Trader puts it, is bigger than the whole stinking EU put together.

    And as the decision to withdraw from the scientifically ridiculous and economically ruinous Kyoto morass demonstrates, our balls are WAY bigger.

Leave a Reply

Your email address will not be published.