The ICE daily CER continued to trade as a political option with notional pricing, gaining back the one yo-yo Eurocent to 0.15 EURO (+7.14%). Actual volume is trading beneath this price and ERUs are trading at less than 50% of this price. Exchange listed prices are nothing more than advertisements or wishful thinking by ambitious traders trying to convince speculators that there is something happening. Nobody is following them. Only a political decision to address massive oversupply can turn things around and after Monday, it looks like that decision is possibly not going to happen in the EU ETS. EU lawmakers yesterday decided to put their back-loading plan to a full parliamentary vote before discussing it with individual country ministers - which at best means the plan is in serious trouble and at worse signals it's dead. Nobody should be surprised at this twist given the EU's track record of whiffing on previous efforts. In the meantime, too many ERUs and CERs already flood the market and more are printed every month.