Brent holds firm despite risk-off markets – ING

FXStreet Insights Team FXStreet

ICE Brent edged slightly lower but proved resilient amid a broader risk-off move, supported by a weaker US dollar and firm time-spreads signaling tight spot supply. Supply disruptions in Kazakhstan and renewed strength in the gasoil crack, ahead of the EU ban on Russian-linked refined products, are providing additional support to the Oil complex, ING's commodity experts Ewa Manthey and Warren Patterson note.

Trade tensions and weaker USD support Oil

"While ICE Brent edged lower yesterday, settling 0.3% lower on the day, it held up relatively well amid the broader risk-off move in markets. This follows the re-emergence of trade tensions between the US and Europe over President Trump's Greenland demands. A weaker US dollar provided some support to Oil and the broader commodities complex. Continued firmness in ICE Brent time-spreads will also help buoy the market, as it suggests a tighter spot physical market."

"In Kazakhstan, TengizchevrOil temporarily stopped production at its Tengiz and Korolev fields after two fires broke out at power generators. The producer pumped around 890k b/d over the first three quarters of 2025. Kazakhstan has faced several supply disruptions in recent months, including exports from the CPC terminal in Russia, which were impacted by drone strikes."

"The ICE gasoil crack has seen renewed strength in recent days, edging back towards US$25/bbl. The strength in the European middle distillate market coincides with the EU’s ban on refined product imports produced from Russian Oil. The ban comes into effect on 21 January. While trade flows have had time to adjust to the ban, it may still lead to some disruption. The ban will largely affect middle distillate flows from India to Europe. Some Indian refiners are reportedly adjusting their crude purchases to continue selling into the EU."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD climbs to two-week high above 1.1700

EUR/USD gathers bullish momentum and trades at its highest level in two weeks above 1.1700 on Tuesday after closing in positive territory on Monday. In the absence of high-tier data releases, investors will remain focused on headlines surrounding the EU-US dispute over Greenland.

GBP/USD ignores UK jobs data, advances toward 1.3500

GBP/USD regains its traction and rises toward 1.3500 on Tuesday. Investors ignore the data from the UK, which showed that the ILO Unemployment Rate remained unchanged at 5.1% in the three months to November, and continue to pay close attention to the EU-US conflict.

Gold extends rally, notches new record-high above $4,700

Gold builds on Monday's impressive gains and trades at a new record-high well above $4,700 on Tuesday. Escalating geopolitical tensions and growing fears of deepening trade conflicts, alongside the broad-based selling pressure surrounding the US Dollar, fuel XAU/USD's rally.

Pi Network rebounds slightly but selling pressure persists

Pi Network edges higher by 1% at press time on Tuesday, signaling a minor recovery after recording a fresh record low of $0.1502 on Monday. Mainnet holders have withdrawn over 4 million PI tokens from centralized exchanges supporting Pi Network over the last 24 hours.

Greenland tariffs: What happened, and how to position for the new Europe risk premium

Over the weekend, President Trump threatened a new round of tariffs on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the UK, with reporting flagging 10% from February 1 and a possible step-up later.

Pi Network Price Forecast: PI rebounds slightly but selling pressure persists

Pi Network (PI) edges higher by 1% at press time on Tuesday, signaling a minor recovery after recording a fresh record low of $0.1502 on Monday. Mainnet holders have withdrawn over 4 million PI tokens from centralized exchanges supporting Pi Network over the last 24 hours.