Emission Permits Rise After Crude Oil Reaches a 10-Month High
By Mathew Carr
July 6 (Bloomberg) -- European Union carbon dioxide permits rose after crude oil reached a 10-month high yesterday, boosting today's natural-gas prices for delivery next year.
Emission permits for delivery in December 2008 added 22 cents, or 1 percent, to 21.70 euros ($29.19) a metric ton, according to prices from the European Climate Exchange in Amsterdam. They earlier today traded as high as 21.89 euros.
Utilities need twice as many permits to burn coal as they do to use gas. Higher gas prices potentially make that fuel less profitable and can boost demand for emission allowances from power utilities wanting to burn coal instead. The EU's greenhouse-gas trading program is the world's biggest.
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