Quick Summary:
RGGI’s futures prices increased slightly over the week. The slight upbeat is in sync with financial markets, as the Nasdaq rose 8% last week. The RGGI remains bound by the Cost-Containment Reserve boundaries, which is $13.91 in 2022 and will chnage to $14.88 in 2023. The front contract ended the week at $13.89, just 2 cents below this critical pricing point. The Volumes trading on the ICE index remains steady (-2.2% WoW). CFTC shows managed money increased net short positions by 0.37 M tons, while compliance entities increased net long positions by 0.21 M tons.
As we approach July 1st, Virginia’s Governor Glenn Younkin is expected to bring forward an emergency resolution to the Virginia Air Pollution Board, in an attempt to remove the state from the RGGI. Pennsylvania too is facing multiple lawsuits against joining the RGGI. The outcomes of these challenges against the RGGI, will impact the RGGI market in the coming weeks.
Market Fundamental
CFTC DATA
The RGGI prices have maintained their prices since the start of 2022, even as most global indexes retreated as fears of recession and interest rate hikes remain widespread. Over the next few weeks, more clarity on the status of Virginia and Pennsylvania will drive market interest.
Analyst: Craig Rocha (cmrocha@californiacarbon.info)
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