European gas: TTF strengthens on Gulf risks – ING

FXStreet Insights Team FXStreet

ING strategists Warren Patterson and Ewa Manthey report renewed strength in European gas, with TTF breaking above EUR50/MWh as Middle East risks persist. They argue the gas market is underpricing supply impacts from the Persian Gulf, expecting Asian buyers to increase spot purchases and compete with Europe, while EU storage remains relatively tight versus its five-year average.

TTF gains as supply risks grow

"The European gas market is seeing renewed strength with little sign of a resolution in the Middle East."

"TTF broke above EUR50/MWh and this strength is continuing in early-morning trading today."

"We have highlighted several times that the gas market is underpricing the scale of the supply impact from the Persian Gulf."

"Asian buyers will need to enter the spot market to replace disrupted contracted cargoes from the Persian Gulf, increasing competition between Asian and European buyers."

"Storage in the EU remains relatively tight at 36% full compared to a 5-year average of 50% full."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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.

AUD/USD remains depressed 0.7000, awaits FOMC Minutes

AUD/USD struggles to capitalize on its recent recovery move and trades with a negative bias below 0.7000 in Wednesday's Asian session. Amid geopolitical uncertainty, the US Dollar attracts some dip-buyers after a fresh leg up in US bond yields, keeping the pair under pressure despite hawkish RBA expectations. All eyes now remain on the FOMC Minutes.

USD/JPY holds firm near 158.50 ahead of Fed Minutes

USD/JPY hangs close to a one-and-a-half-week high near 158.50 in the Asian session on Wednesday, with bulls now awaiting a move beyond the 200-day SMA hurdle before positioning for further gains ahead of the FOMC Minutes. Meanwhile, a fresh leg up in US bond yields revives US Dollar demand amid geopolitical uncertainties, boosting the pair amid dovish BoJ commentary.

Gold trims losses, back above $4,100

Gold now manages to regain some balance, returning to the area above the key $4,100 mark per troy ounce following the closing bell in Europe on Wednesday. The yellow metal’s sharp pullback comes in tandem with marked gains in the US Dollar and a marked bounce in US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum and XRP fall liquidating $550M

Bitcoin’s correction follows a recent rejection due to supply around $87,200. Altcoins are generally in a correction trend, as Ethereum edges lower toward the next key support at $2,600 and Ripple extends its down leg near the $1.45 demand area.

Fed Minutes set to provide some insight into the timing of next rate hikes

The United States (US) Federal Reserve (Fed) will release the Minutes of September’s Federal Open Market Committee (FOMC) meeting on Wednesday. Investors are eager for some details that shed light on the extent and the timing of the central bank´s tightening cycle after approving the first interest rate hike in three years in September.

The UK 30-year gilt just hit a 1998 high. Is that good or bad for the British Pound?

The yield on the UK's 30-year government bond, or gilt, went through 6% on October 1 for the first time since early 1998, and on Monday the Pound was at its strongest against the Euro since June 2025. The gilt market's 28-year high is mostly someone else's. Since early May, the 30-year gilt yield has risen about 0.15 of a percentage point and the US 30-year about 0.7.