EU CO2 allowance prices edged up to more than €67 per tonne on positive news from the manufacturing sector that raised hopes of a recovery in demand. The latest S&P Global PMI data indicated that the decline in factory production recorded in January was the smallest since last April. In addition, new orders for goods recorded the smallest decrease in nine months. Looking ahead, business optimism for the next 12 months hit a nine-month high. At the national level, the decline in production in Germany has moderated, while France continues to face a significant decline. Outside these two countries, however, the decline in production eased to its lowest level in ten months. On the other hand, natural gas prices in Europe remained low due to persistent low demand. The region has managed to maintain healthy gas reserves; however, there are some risks related to the possible delay of shipments from Qatar.