ICE daily CER price consolidated after several days of losses to 0.87 EURO (+19.18%). The spread is widening between CERs and ERUs by 6 Eurocents, as cheap ERUs continuously enter the market and pull CER prices down with them. With constant new ERU and CER supply hitting everyday, the market remains significantly long and participants seem to be pinning their hopes on supply constraint decisions which could take a long time to materialize. In the meantime expect the CER and ERU volume to increase between now and year end, coupled with even cheaper forms of UN offsets, pushing prices down and making a rally difficult. We are now 5 trading days from the Kyoto Protocol conference in Doha, so we could see some optimism prior to the inevitable post-conference disappointment... whether that short-term optimism is sufficient to offset a growing supply glut and gives a temporary bounce remains to be seen.