Technical:

• Funding rates for 2016 and 2017 below cyclical lows, may find support and push OI rearwards
• Illiquid and unstable V18 drops 15 cents, Dec 15 could find support in the $12.30s
• Above activity drivers could see July eclipse April OI clearance, provide positive auction signal

Fundamental:

• Revised 2015 emissions forecast 8.53m longer than original, mainly due to low transport fuels sales versus baseline
• Neutral for carbon across most industrial sectors, with power and gas slightly bearish

Download Weekly Outlook for Jul 13, 2015 (PDF)