STC Market Strong & Active
In what was a busy week for the STC market the spot price pushed higher to close the week at $37.00. It had opened at $36.60 after a soft week prior but sustained buying interest throughout the week saw the price strengthen back to where it was before the end of the last surrender period. This is encouraging as typically this time of year sees the price drift to its lowest recorded levels. STC submissions to the REC Registry were approx 675,000, up again from last week and continued the consistent level of creations over recent months.
There were a number of large volume forwards traded once again for late 2019 and early 2020. They were around $37.20 – $37.30 which shows confidence in the market above the current spot level. Interest in medium term forward contracts suggests the market will remain relatively stable and may even push higher over the coming months but it could also track lower in the short term. The number of STC’s listed on the clearing house currently sits at 482,192, up another 11k from the start of last week. A link to the STC clearing house can be found here.
Our latest pricing for both registered and non-registered STC’s can be found here.