The ICE daily CER continued to trade as a political option with notional pricing, losing another 4 Eurocents (11 Eurocents on three consecutive losing days) after artificially having been driven up three trading days ago by a short squeeze. It finished the day at 0.20 EURO (-16.67%). The rest of the market remains beneath this price and ERUs are trading around 30% 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. The March and spot CER contracts can be expected to keep decreasing as we approach April when "grey" carbon credits must be surrendered or expire.