[Download link at the bottom of this post]

A. Trading Report

• Prices move up with V2018 deliveries gaining the most
• Weekly volume rises to 10 million, V2016 spread trade dominates
• Dec15 OI decreases by 2,810,000; Total OI by 797,000

B. Price Expectations

• Year-end V15 merges with rising 4-week MA, V18 likely to merge again next week
• Funding rates for Dec 15/16 at 2.95% for third consecutive week and likely to maintain
• Expected V15 prices: Benchmark $12.86-$12.91; Dec 16 $13.25-$13.30

C. Sectorial Positions

• Power, oil & gas as well as transportation fuel suppliers may provide sell-side interest
• Refineries may provide buy-side interest

D. CCO Tracker

• Recent ROC issuances mean that the ROC backlog increases to 2.88 million. 3.17 million CRTs listed for an early action forestry project, takes the early action backlog to 11.59 million. 13 ARB compliance forestry projects were uploaded by OPRs over the past week.

E. Policy Tracker

• No change from last week’s policy tracker

F. Key Dates

• Fifth WCI joint auction to be held next week

Download report (PDF)