Every correction this desk has issued, dated, permanent. Newest first.
2 September 2026
EUA price basis: from today this desk marks EU ETS off the front-month EUA futures settlement, completing the pairing RGGI, California-Quebec and UK ETS already carry: a daily futures settlement as the mark, with the EEX auction clearing price kept...
2 September 2026
LCFS: softer crude is bullish for credits, not bearish: this morning's note read softer crude as widening the renewable-diesel spread and so adding to credit supply, and carried it as the bearish offset against a drawing bank. The reference contract is now the most liquid one, across the tape: this desk has been marking five compliance markets off the front-month futures contract.
1 September 2026
UKA price basis: from today this desk marks UK ETS off the front-month UKA futures settlement, the same basis RGGI and California-Quebec moved to on 27 August.
1 September 2026
RGGI demand base: our RGGI demand rows re-anchor from a flagged ~60M-short-ton assumption to the market monitor's measured 82.0M short tons of covered 2024 emissions, corroborated independently by EPA data at 1.1%.
31 August 2026
CARB allowance removal, 2027-2030: this morning's note said the amended Table 6-2 removes 117.7 Mt across 2027-2030, and gave the 2027 pre-amendment budget as 240. The removal is 118.3 Mt and the 2027 base is 240.6. (Full statement below.)
27 August 2026
Price basis: from today this desk marks RGGI and California-Quebec off the front-month futures settlement rather than the last auction clearing price. Nothing published before today was false - every figure was the auction print it was stated to be - but an auction is a quarterly event, and an auction print describes the market in the week it prints and drifts from it for the three months afterwards. Both ends of that are visible on this desk right now: the California-Quebec print is the 19 August joint auction and sits close to where the market is trading, while the RGGI print is Auction 72 of 3 June and the traded market has moved well above it. Front month is what a compliance buyer transacts against, so that is what the tape now carries, stated as front month with its contract month named.
25 August 2026
Correction — stated out loud — issued 25 August 2026, after publication. (See the full statement on the note.)
A correction is held to a stricter standard than the note it corrects: every figure
in it is re-derived from a pinned date, and every claim it makes about this desk's own prior
labelling is diffed against the notes that carry it. Where a correction has itself been wrong, that
is stated in the same block rather than edited away.