ICE daily CER price continued to held its ground Monday and improved slightly to 1.09 EURO (+4.81%). The market remains significantly long. Energy commodities also rose on Monday, however the carbon market seems to be trading around pre-Doha uncertainty at this point. If things go the same way as this time last year, one can expect positive initial headlines out of Doha meetings about the future of the Kyoto Protocol... causing prices to improve... followed by the inevitable realization that the headlines are only headlines without real substance... causing carbon prices to keep falling towards year end. With carbon offsets representing the worst performing commodity market in recent years, the chance of the Kyoto Protocol's future existence as a market mechanism is starting to look slightly similar to the odds of Greece's future survival in the Eurozone. But as the Japanese proverb says, "Hope is the last thing to die." So let's see whether Kyoto nations can cooperate on the environment in 2012 and surprise skeptics. If they wanted to wait until everyone was on the edge of their seats in the eleventh hour, mission accomplished.