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      A. Trading Report

• Front prices rise a further $0.16, reaching $12.62 and $12.68 for the benchmark
• Record fall in OI, 3,691,000 contracts are liquidated from the front and benchmark
• Volume growth again to reach auction cycle peak of 7,431,000

      B. Price Expectations

• Rising prices and falling OI traditionally signals a weakening market
• Convention may not apply given prevalence of non-market drivers
• Expected V16 ranges: $12.60 – $12.65 (Front); $12.66 – $12.71 (Benchmark)   

      C. Sectorial Positions

• Refineries may provide buy-side interest

      D. CCO Tracker

• Camco projects gain 20,436 CCOs and 83,454 CCO-3 conversions
• First Quebec project to gain credits for a second reporting period.
• 820,857 new ROCs; ROC pipeline rises to 3.57 million
• 4 new verifier appointments

      E. Policy Tracker

• No Legislative Updates

F. Key Dates

• June 20 – 2^nd Joint Agency SB 350 Meeting

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