Commodity Tracker: 5 charts to watch this week
European carbon emission prices rise to fresh highs while in the US, tight gas supply in the Permian is driving up premiums at key Texas hubs. Plus, trends in steel and its raw materials, and sustainable aviation fuel adoption in Asia.
1. EU carbon breaks new record as difficulties of border tax proposal emerge
What’s happening? The price of emitting a ton of carbon dioxide in Europe pushed up again to a new all-time high of over Eur42/mt after the EU Parliament backed a proposed Carbon Border Adjustment Mechanism (CBAM) on March 10. The market has also taken support from strength in the wider energy complex as well as ongoing bullish sentiment over an expected longer-term tightening of supply.