SO2 EA and NOx EA
November
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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November
2004
CANTOR ENVIRONMENTAL BROKERAGE
SO2
EA Market Price Index |
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November
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 |
$2,250/ton |
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2004 |
50 tons |
$2,375/ton |
| 2005 |
50 tons |
$3,550/ton |
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2005 |
50 tons |
$3,625/ton |
| 2006 |
50 tons |
$3,200/ton |
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2006 |
50 tons |
$3,325/ton |
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RECENT TRADE PRICES
October 26, 2004 - November 25, 2004 |
| V04
for $2,300/ton |
V04 for $2,300/ton x3 |
V04 for $2,275/ton |
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| V04
for $2,275/ton |
V04 for $2,350/ton |
V04 for $2,250/ton |
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| V04
for $2,250/ton x3 |
V06 for $3,300/ton |
V04 for $2,300/ton |
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| V04
for $2,225/ton x2 |
V06 for $3,325/ton |
V04 for $2,275/ton |
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| V04
for $2,225/ton |
V06 for $3,350/ton |
V04 for $2,275/ton x2 |
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| V04for $2,200/ton |
V04 for $2,350/ton |
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| V04
for $2,275/ton |
V04 for $2,325/ton |
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| V04
for $2,250/ton x3 |
V05 for $3,625/ton |
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| V04
for $2,275/ton |
V04 for $2,325/ton x2 |
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| V05
for $3,525/ton |
V04 for $2,325/tpy |
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| V04
for $2,250/ton x4 |
V04 for $2,300/ton |
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| V04
for $2,325/ton |
V04 for $2,275/ton |
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| V04
for $2,350/ton x2 |
V04 for $2,300/ton |
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| V04 for $2,375/ton
x2 |
V04 for $2,325/ton |
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| V04 for $2,350/ton
x2 |
V04 for $2,300/ton |
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| MARKET INDEX PRICE |
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2004
$2,303/ton |
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$65 |
4,338 tons trade this
month |
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2005 $3,559/ton |
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$29 |
196 tons trade
this month |
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| 2006 $3,282/ton |
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$171 |
485 tons trade
this month |
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2007 N/A |
N/A |
N/A |
N/A |
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November
2004
CANTOR
ENVIRONMENTAL BROKERAGE
Market
News |
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SO2 Hits
New High
SO2 prices hit an all-time high this month of $735/ton. This
price continues a trend where volatility has increased as the
result of fluctuating fuel prices; pending regulation; and
a continued decrease in the SO2 bank. In addition, this month
also
witnessed a lack of supply as we head towards the close of
the compliance year, again influencing the upward price trend.
In
the forwards markets, several trades occurred with market participants
trying to buy some value with the spot vintage trading a small
premium |
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over the vintage
07 and 09 allowances. As a point of interest, the November
25, 2003 MPI had SO2 at $204.62!
True Up Period For NOx Draws to a Close:
Prices Find Continued Support
The period for “true-up” of NOx accounts for
the 2004 Ozone season draws to a close, November 30. This
month
saw a large volume of transactions, with a substantial quantity
of odd lots trading as buyers and sellers settled their short
and long positions. Despite an |
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influx of tons offered
for sale, prices remained strong between $2250 and $2350/ton.
Price support was found in Buyers entering the market to purchase
for true-up by November 30, and those gambling on the flow
control ratio vs. future-vintage-values afforded by vintage
2004 EA carryover for use in future years. |
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