EU Carbon Trading ‘death spiral’ continues

Watts Up With That? ^ | January 31, 2013 | Anthony Watts

[Ernest_at_the_Beach]

UPDATE: it’s worse than we thought, see below.

Carbon has closed below $4 a ton in a new record low while Deutsche Bank bails

From Reuters:

Deutsche Bank quits carbon market: board member

31 Jan 2013 12:42 Last updated: 31 Jan 2013 15:04

LONDON, Jan 31 (Reuters Point Carbon) – Deutsche Bank has shut its global carbon trading operations, a member of the investment bank’s board of directors said on Thursday.  Source: http://www.pointcarbon.com/news/1.2162216

In addition to the price dropping to below the price of a bag of charcoal briquettes, it may have something to do with this investigation:

Deutsche Bank co-chief named in carbon tax investigation

Two board members at Deutsche Bank, including the lender’s co-chief executive, have been drawn into a police investigation into tax evasion related to the group’s carbon trading business.

Source: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9740904/Deutsche-Bank-co-chief-named-in-carbon-tax-investigation.html

Meanwhile, carbon closed yesterday at a new record low, losing about 8% of its value yesterday.

It looks like that by the close of trading today, EUA carbon will have lost about half its value since the peak in early January.

New Zealand’s experiment in carbon trading isn’t looking good either:

NZ carbon finds new record lows amid stable supply

31 Jan 2013 09:59

BEIJING, Jan 31 (Reuters Point Carbon) – Spot permits in the New Zealand Emissions Trading Scheme (ETS) fell 6.5 percent week-on-week to close Thursday at NZ$2.45 ($2.05), the lowest weekly closing price ever recorded as fresh supply continued to find its way to the market.

Source: http://www.pointcarbon.com/news/1.2161391

UPDATE: the market has closed today, with another record loss, for a nearly 50% drop in value in January 2013.

[Ernest_at_the_Beach]

Don’t know why the Graphs are minimal...sorry.

[PROTESTBYPROXY]

I am going to start the ADPM! The American Dog Poop Market! $45.00 per pile!

[NittanyLion]

I am going to start the ADPM! The American Dog Poop Market! $45.00 per pile!

How dumb do you think we are?

Give you $15 for the pile. Final offer.

[Marine_Uncle]

Ernest, I hope the view of this post is true, but.
Pertaining to the title of the post: "EU Carbon Trading ‘death spiral’ continues"

I would humbly submit that may be a false notion at this point as Kerry now has been confirmed to be the new SoS, and most likely Chuck Hagle will be confirmed after the cute public hearings, to become SoD.
And Al Gore, Hansen, the UN goons, all the world bodies on climate change are not going to back down. They will continue in their deceit, and false aspirations where some of them actually believe AGW and AG in general are settled science.
That is part of the problem. Many of them are totally science illiterate. They have not a clue as to the physics involved on this issue. Their devoid of knowledge that contains meaningful information that can guide them on these complicated issues.
Put another way. Jimbo. Dump me if it is required. They are fucking idiots.

[SierraWasp]

I had the THRILL of watching and listening to THE Algore tonight on Charlie Rose. I don't know where or who the audience was but they kept applauding Gore and I had to turn the channel for a few minutes.

I was like a moth looking into the flames of hell, unable to completely and finally leave and turn off my set without going back to sneak another peak just in case he'd have a nervous breakdown and stop lying or something. (snort!)

[Rocky]

Whale Vomit Worth £100,000 Found on Dog Walk

[urbanpovertylawcenter]

As President of the Urban Poverty Law Center I declare I own all the oxygen on the planet in all its forms.

To combine your carbon with my oxygen to make carbon dioxide is going to cost you.

Get your oxygen credits while they are still cheap.

Only $5 a metric ton if you act now. But wait, the first thirty calls will get a second metric ton of oxygen, just pay separate shipping and handling!

[Ernest_at_the_Beach]

Could Gore be the anti-christ of the end times?

[SierraWasp]

I don’t know... his eyes these days sure make him look EVIL!!! (like a vulture)