SO2 EA and NOx EA
January
2005 |
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What are the Cantor Environmental Brokerage SO2 EA and NOx EA
MPIs? |
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The Cantor Environmental Brokerage Market Price Indices (MPIs)
are prices that reflect current market conditions for Clean
Air Act Title IV SO2, and Section 126/NOx SIP Call emission
allowances (EAs). The MPI is an average of the following three
numbers (where available) (Note: fees and commissions are not.
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RECENT TRANSACTION
PRICE
Prices from the most recent transactions (sales, swaps,
and options) either executed by Cantor Environmental Brokerage
and/or reasonably believed by Cantor Environmental Brokerage
to have occurred. Also note that the MPI does not include
transactions that are reported as retirements or facility
changes of ownership because such transactions may not
be reflective of current market conditions.
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Lowest Offer Price
Lowest price, reported to Cantor Environmental Brokerage,
at which a seller is willing to sell.
Highest Bid Price
Highest price, reported to Cantor Environmental Brokerage,
at which a buyer is willing to buy.
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If you would like to receive this bulletin as an e-mail
attachment in Adobe format please fax this to 203-662-3643
with your e-mail address listed below, or send an email
to apaton@cantor.com. |
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For More Information
Call (203) 662-3638
19 Old Kings Highway South, Darien, Connecticut 06820
Fax (203) 662-3643
www.emissionstrading.com
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Note:
All information contained here is obtained by Cantor
Environmental Brokerage from sources believed to be
accurate and reliable. However, because of the possibility
of human and mechanical errors, as well as other factors,
such information is provided "as is" without
warranty of any kind and Cantor Environmental Brokerage,
in particular, makes no representation or warranty as
to the accuracy, timeliness, or completeness of this
information. Under no circumstance shall Cantor Environmental
Brokerage have any liability to any person or entity
for (a) any loss or damage in whole or in part caused
by, resulting from, or relating to any error (negligent
or otherwise) or other circumstance involved in procuring,
collecting, compiling interpreting, analyzing, editing,
transcribing, transmitting, communicating, or delivering
any such information, or (b) any direct, indirect, special,
consequential, or incidental damages whatsoever even
if Cantor Environmental Brokerage is advised in advance
of the possibility of such damages, resulting from the
use of, or inability to use, any such information. The
data and information contained herein are, and must
be construed solely as statements of opinions and not
statements of fact or recommendations to purchase, sell,
or hold SO2 or NOx EAs. All prices are merely indications
of interest, do not represent firm bids and offers,
and their terms are subject to change without notice.
NOWARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY,
TIMELINESS, COMPLETENESS, MERCHANTABILITY, OR FITNESS
FOR ANY PARTICULAR PURPOSE OF ANY SUCH DATA OR INFORMATION
OROTHER OPINION IS GIVEN OR MADE BY CANTOR ENVIRONMENTAL
BROKERAGE IN ANY FORM OR MANNER.
For information on trading SCAQMD RTCs
and/or ERCs, SJVAPCD and BAAQMD ERCs, Illinois ATUs,
ERCs, DERs, or Sewerage Facilities Charge Credits please
visit or call 1-800-228-2955 ext. 1, 2, 4, 6, 7, 8,
or 9. For information on trading HGA NOx Allowances,
call 800-228-2955 ext. 13 or 14. For information on
trading NOx Section 126/NOx SIP Call Allowances, and
SO2 Allowances call (203) 662-3638 or 800-228-2955 ext.
6 or 12. For information regarding Greenhouse Gas Credits
visit , or call 800-228-2955 ext. 10. |
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January
2005
CANTOR ENVIRONMENTAL BROKERAGE
SO2
EA Market Price Index |
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January
2005
CANTOR
ENVIRONMENTAL BROKERAGE
NOx
EA Market Price Index |
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| BEST
BIDS TO BUY |
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BEST
OFFERS |
| 2004 |
50 tons |
$2,325/ton |
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2004 |
50 tons |
$2,375/ton |
| 2005 |
50 tons |
$3,500/ton |
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2005 |
50 tons |
$3,550/ton |
| 2006 |
50 tons |
$3,550/ton |
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2006 |
50 tons |
$3,575/ton |
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RECENT TRADE PRICES
December 24, 2004 - January 25, 2005 |
| V04 for $2300/ton |
V06 for $3,625/ton x2 |
V05 for $3,575/ton |
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| V06 for $3325/ton |
V07 for $2,900/ton x2 |
V06 for $3,575/ton x2 |
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| V04 for $2,325/ton |
V04 for $2,350/ton |
V06 for $3,575/ton |
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| V05 for $3,650/ton x2 |
V05 for $3,600/ton x4 |
V05 for $3,550/ton |
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| V06 for $3,350/ton x3 |
V07 for $2,900/ton |
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| V06 for $3,425/ton |
V05 for $3,650/ton |
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| V07 for $2,900/ton x2 |
V06 for $3,650/ton |
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| V07 for $2,950/ton x2 |
V05 for $3,600/ton |
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| V04 for $2,350/ton |
V06 for $3,600/ton |
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| V05 for $3,600/ton x2 |
V05-08 for $3,100/ton |
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| V05 for $3,675/ton |
V04 for $2,375/ton |
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| V06 for $3,500/ton x2 |
V05 for $3,550/ton |
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| V06 for $3,525/ton |
V04 for $2,350/ton |
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| V06 for $3,550/ton |
V05 for $3,525/ton x2 |
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| V06 for $3,600/ton |
V05 for $3,575/ton x2 |
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| MARKET INDEX PRICE |
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2004
$2,347/ton |
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$51 |
484 tons trade this
month |
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2005 $3,544/ton |
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$37 |
1,699 tons trade
this month |
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| 2006 $3,542/ton |
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$242 |
350 tons trade
this month |
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2007 $2,920/ton |
N/A |
N/A |
480 tons trade this month |
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January
2005
CANTOR
ENVIRONMENTAL BROKERAGE
Market
News |
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NOx Market Awakens
The beginning of the month shaped up much like the holiday
season; sleepy and focused on the holidays. Trading was relatively
directionless with values in the low 3000’s for 05
and 06 vintages. As fossil fuel values starting climbing
again from their December 2004 lows, NOx values increased
to new seasonal highs of 3650 in the closer vintages, and
2950 in the 07 vintage. Traders also instituted several option
trades in 05 and 06 NOx vintages with small premiums collected
for slightly out of the money calls and puts. At months |
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end,
the market had some of the busiest days in months with spreads
trading between v05 and v06 at flat (when v05 had been at
a 200 dollar premium earlier in the month), and several more
options trading (v06 4000 calls and v05 3400 puts). The market
may be preparing itself for an increase in volatility as
traders try to estimate when NOx naturals will return in
force, and which direction they will send v05 and v06 values.
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