The ICE daily CER continued to trade as a political option with notional pricing, addition two Eurocents to 0.17 EURO (+13.33%). Actual volume is trading beneath this price and ERUs are trading at far less than 50% of this price. Exchange listed prices are nothing more than advertisements or wishful thinking by a small group of ambitious traders trying to convince speculators that there is something happening... or posting prices to mark their portfolios above loss levels for accounting reasons. Nobody is following these prices or trading at these levels. 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.