The ICE daily CER continued to trade as a political option with notional pricing, however it went "bezerk" adding 14 Eurocents on screen to 0.31 EURO (+82.35%). This was due to short squeeze trading on 5 million units volume. The rest of the market remains beneath this price and ERUs are trading at far less than 20% of this price. Only a political decision to address massive oversupply can turn things around and it looks like such a decision is becoming a long-shot in the EU ETS. In the meantime, too many ERUs and CERs already flood the market and more are printed every month.