SO2 EA and NOx EA
August
2004 |
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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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August
2004
CANTOR ENVIRONMENTAL BROKERAGE
SO2
EA Market Price Index |
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August
2004
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 |
$1,950/ton |
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2004 |
50 tons |
$2,050/ton |
| 2005 |
50 tons |
$3,300/ton |
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2005 |
50 tons |
$3,400/ton |
| 2006 |
50 tons |
$2,600/ton |
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2006 |
50 tons |
$2,700/ton |
| 2007 |
50 tons |
$2,400/ton |
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2007 |
50 tons |
$2,475/ton |
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RECENT TRADE PRICES
July 26, 2004 - August 25, 2004 |
| V04
for $2,500/ton x2 |
V05 for $3,750/ton x2 |
V04 for $2,250/ton x2 |
V05 for $3,500/ton |
V04 for $2,025/ ton |
| V04
for $2,525/ton |
V04 for $2,450/ton |
V06 for $2,900/ton |
V04 for $2,200/ton |
V04/05 for $2,625/ton |
| V04
for $2,475/ton |
V04 for $2,425/ton |
V07 for $2,650/ton x3 |
V04 for $2,150/ton |
V04 for $2,000/ton |
| V04
for $2,525/ton |
V06 for $3,075/ton |
V05 for $3,500/ton |
V04 for $2,125/ton |
V07 for $2,450/ton x 2 |
| V04
for $2,575/ton |
V06 for $3,050/ton |
V05 for $3,550/ton |
V04 for $2,100/ton x2 |
V04 for $2,000/ton |
| V04
for $2,600/ton x2 |
V06 for $3,000/ton |
V06 for $2,925/ton x3 |
V04 for $2,050/ton |
V04 for $2,025/ton |
| V04
for $2,575/ton |
V04 for $2,375/ton |
V05 for $3,600/ton |
V05 for $3,400/ton x2 |
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| V04
for $2,637.50/ton |
V04 for $2,350/ton |
V04 for $2,300/ton x3 |
V07 for $2,525/ton |
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| V04
for $2,650/ton x4 |
V07 for $2,750/ton x2 |
V04 for $2,325/ton |
V07 for $2,475/ton |
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| V05
for $3,700/ton |
V04 for $2,350/tpy x2 |
V07 for $2,600/ton |
V04 for $2,100/ton |
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| V04
for $2,600/ton x3 |
V06 for $2,950/ton x4 |
V04 for $2,225/ton |
V04 for $2,075/ton x2 |
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| V04-06
for $3,110/ton |
V04 for $2,250/ton x2 |
V04 for $2,200/ton |
V04 for $2,050/ton x4 |
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| V04 for $2,500/ton x3 |
V04 for $2,200/ton x2 |
V04 for $2,150/ton x3 |
V04 for $2,075/ton |
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| V05 for $3,700/ton |
V04 for $2,250/ton x3 |
V06 for $2,800/ton x2 |
V06 for $2,700/ton |
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| V04 for $2,500/ton |
V04 for $2,225ton |
V04 for $2,175/ton |
V05 for $3,425/ton |
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| MARKET INDEX PRICE |
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2004
$2,098/ton |
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$387 |
5,450 tons trade this
month |
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2005 $3,433/ton |
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$222 |
940 tons trade this month |
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| 2006 $2,680/ton |
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$442 |
1,350 tons trade this month |
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2007 $2,508/ton |
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$286 |
750 tons trade this month |
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August
2004
CANTOR
ENVIRONMENTAL BROKERAGE
Market
News |
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SO2 Falls a Bit
For the first time since November
2002, the Cantor Fitzgerald SO2 MPI
has fallen. As of market close today,
440 was the last trade. Trade volumes
for the month were ramatically lower,
with relatively few trades (only
approx. 75,000 tons transacted). The
slowdown in volume and attendant
price decrease could be attributable to
mild weather; the wait for EPA’s
release of emissions data; and August
option expirations on the 16th of the
month. |
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Extrapolation Suggests
Approx. 200,000 Ton
Surplus After the 2004 NOx
Ozone Season
The second quarter emissions data
mentioned earlier in this bulletin
provides an opportunity to extrapolate
and “guesstimate” the potential level
of 2004 ozone NOx emissions for the
entire season (through September 30).
Approximately 136,000 tons have
been consumed for the May – June
period. |
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Extrapolation of the
May – June data suggests total ozone
season emissions of approximately 475,000 to
525,000 tons. The 2004 allocation is approximately 504,000
tons. With
the addition of compliance
supplement pool (CSP) and leftover
vintage 2003 tons, it appears that
approximately 200,000 tons could
remain after this year’s ozone
season. Of course it is a little early
to know with any great certainty
what the actual data will show, but
this preliminary data provides an
opportunity for market participants
to make their own projections. |
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