* EUAs soften with financials playing technical game
* Traders look to macro-economic news for direction
LONDON, Sept 2 European carbon emissions futures softened slightly on Wednesday amid very low volume, with financial players selling at a resistance level of 14.80 euros a tonne, traders said.
EU Allowances (EUAs) CFI2Zc1 were down 3 cents or 0.20 percent at 14.76 euros a tonne at 0715 GMT, with volume at 370 lots.
"Volume is dull. The market is playing a technical game expecting global macro news. As for the power side, gas is cheaper than coal for the next year so I don't even open my gas and power prices anymore," an emissions trader said.
Traders said utilities were absent from the market and financial players were selling EUAs to make profit when levels reached 14.80 euros.
U.S. oil CLc1 edged above $68 a barrel, after industry data showed a sharp fall in U.S. crude stocks, boosting hopes of a demand rebound in the world's top energy user. [O/R]
Traders said the market will be watching U.S. economic data due later -- August unemployment figures and July factory orders -- for signs of the U.S. economy's gradual pace of recovery.
U.N.-backed certified emissions reductions (CERs) CEREZc1 were slow to trade. For tables related to carbon emissions and price forecasts, see [CO2/POLL]
To see a factbox on trading schemes around the world, click here: [ID:nLC685579].
To see European industry emissions data, click on [ID:nLF156858].
(Reporting by Nina Chestney; Editing by Keiron Henderson)
Trending On Reuters
The Reserve Bank of India (RBI) kept its key lending rate unchanged on Tuesday, leaving the door open for more easing but making that dependent on meeting a challenging inflation target for 2017. Full Article