Stillwater's California Cap & Trade Newsletter
Your guide to auction trends, price drivers, and market intelligence
Why Subscribe?
Auction Intelligence
Decode every quarterly auction with our coverage of settlement prices, bid volumes, coverage ratios, and market trends
Deep-Dive Analysis
Go deeper with expert analysis and policy watch: each newsletter unpacks why market moves happen and what’s next for C&T
Regulatory Advantage
Stay ahead of regulatory shifts, market reforms, and allowance price swings with every issue
Compliance Clarity
Know what C&T means for compliance costs at the terminal and for fuel pricing – paired with clear figures on real-world impacts
Actionable Insights
Get concise, actionable insights trusted by market participants across the industry
Unrivaled Expertise
Rely on decades of Stillwater expertise navigating fuel markets, competitive risks, and policy change so you can respond with confidence
See a Sample Newsletter
View sample insight into the allowance and offset demand and price trends.
Analysis of 3Q2025
August 29, 2025
Current CCA SettlementIncreased
Advanced CCA SettlementIncreased
Current Coverage RatioIncreased
Advanced Coverage RatioIncreased
Frequently Asked Questions
Common questions about the Cap & Trade Newsletter.
Why Stillwater?
Our insights are produced by senior subject matter experts who bring decades of real-world experience at major fuel companies and government agencies. Whether you are a fuel producer, trader, or investor, Stillwater delivers the practice-based expertise you need to respond confidently to policy shifts and market disruptions.
What is the C&T Newsletter?
Stillwater’s C&T Newsletter provides expert analysis of allowance and offset market trends that affect the downstream fuels market. Each edition explains what recent auction results and secondary market activity mean for fuel producers, importers, traders, and investors.
Do you track California Carbon Allowance (CCA) and Offset (CCO) trends?
Yes. Each quarterly edition tracks California Carbon Allowance (CCA) and California Carbon Offset (CCO) transfer trends. We also summarize the latest C&T auction results and secondary market activity to explain what they mean for fuel market participants.
How will the C&T Newsletter help my organization?
Subscribers gain a clearer understanding of how C&T auction outcomes and secondary market trends may influence compliance strategy, hedging, and fuel pricing. This insight supports better planning around allowance procurement, risk management, and investments in low‑carbon fuels.
How often is the C&T Newsletter published?
The C&T Newsletter is published quarterly to align with the C&T auction cycle and major program milestones. This cadence provides timely, data‑rich analysis without overwhelming subscribers between auctions.
Is the C&T Newsletter suitable for fuel marketers and traders?
Yes. The newsletter is designed for all entities with compliance obligations (i.e., traders and fuel marketers), carbon market investors, and policymakers who need a clear view of C&T allowance and offset dynamics. It is especially useful for organizations with exposure to California petroleum fuels, low-carbon fuels, and related credit markets.
Can I try the C&T Newsletter before committing?
Yes. New subscribers can start with a free one‑week trial and cancel at any time. Our Quarterly C&T Newsletter Sample also provides a representative look at the content, charts, and analysis you will receive as a subscriber.
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C&T Newsletter
Insights into the allowance and offset demand and price trends in California.
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