European gas prices hit two-year high on tightening storage – ING

FXStreet Insights Team FXStreet

European natural gas prices rose to a two-year high amid colder temperatures and tightnening storage facilities, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gas stockpiles are already at their lowest

"Prices rose more 4% this morning, hitting the highest level seen since February 2023. Stockpiles are already at their lowest for this time of year since the energy crisis in 2022. Inventories are only 49% full compared with 67% at the same time last year."

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.

GBP/USD drops to 1.3500 after mixed UK data

EUR/USD consolidates below 1.1475, awaits US data for fresh impetus

Gold stays in red below $4,050 on inflation fears

Cardano: Whale accumulation, van Rossem hard fork update support recovery prospects

Cardano trades slightly lower around $0.161 after a mild rejection the previous day. Despite the price pullback, on-chain data show that wallets holding ADA tokens are accumulating, signaling growing confidence among large investors. In addition, improvements to derivatives metrics and the upcoming van Rossem hard fork update could provide a catalyst for ADA’s potential recovery.

2.25% and holding: Why the BoC, not the barrel, moves the Loonie

The Bank of Canada held its policy rate at 2.25% on Wednesday and published a Monetary Policy Report whose entire disinflation path rests on one assumption: Brent falls to $75 and stays there. That assumption was finalised on Friday and was stale before Governor Tiff Macklem reached the podium.

-0.4%: Why the biggest CPI drop since 2020 couldn't buy back a single cut

The June CPI fell 0.4% on the month, the largest one-month decline since April 2020, dragging the annual rate to 3.5% from May's 4.2% and snapping a three-month acceleration streak. Core prices went nowhere, flat on the month and down to 2.6% YoY, both under consensus.