Euro Markets: EUAs decline 1% despite late gas price spike after COT data shows funds cutting shorts further

EU carbon allowance prices gave up early gains and ended the day 1% lower after weekly positioning data showed investment funds further reducing their bearish bets and a rise in hedging related to coal-fired power generation, before rallying briefly in the afternoon after erroneous reports of an outage at a major US LNG plant triggered a momentary spike in natural gas prices.