Opinion by Mathew Carr
July 2, 2025 — The premium for Dec. 2027 futures over Dec. 2025 is at about €4 a ton today — that’s even narrower than at the end of last year, when it was €4.40.
In percentage terms, €4 a ton vs the price today of about €72 a ton …is 5.5% …over two years. Not a great return.
Still, the crude oil market is even worse (futures are flattish until end of decade), as it should be …because that market is rigged. It should be showing big backwardation if there is any hint of climate justice in the world, IMO.
My view is that carbon has been set up to fail …so far at least …so people can make money out of fossil fuels.
EUA carbon
Brent
