Natural gas: European prices surge as LNG flows stall – ING

FXStreet Insights Team FXStreet

ING strategists Warren Patterson and Ewa Manthey report that European Natural gas benchmark TTF jumped over 9%, moving back above EUR60/MWh as hopes for a US–Iran deal fade. They warn that each day without Persian Gulf LNG flows and falling European storage levels, now below 2021 benchmarks, increases vulnerability to price spikes during the 2026/27 heating season.

Storage worries into 2026/27 heating season

"Fading optimism over a potential deal between the US and Iran has also seen European natural gas prices surge higher once again."

"TTF settled more than 9% higher yesterday, taking it back above EUR60/MWh."

"Every day that goes by without a resumption of Persian Gulf LNG flows leaves the market more vulnerable as we head closer towards the 2026/27 heating season."

"Gas storage is now below 2021 levels both in terms of percentage full and in absolute terms."

"The EU’s lower storage target of 75% ahead of the winter is looking as though it will be tough to hit."

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

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 stays weak above 0.6900 after China’s trade data

AUD/USD struggles to capitalize on the previous day’s recovery and stays defensive on the 0.6900 level following the narrowing of trade surplus in China. Increased December Fed rate hike bets allows the US Dollar to pause its decline and weigh on the pair. US CPI data is next of note for the major.

USD/JPY retakes 158.00 on weak Japanese data; focus shifts to US CPI

USD/JPY attracts some dip-buyers and retakes 158.00 in the Asian session on Tuesday as a fall in Japan’s Household Spending offsets hawkish BoJ Summary of Opinions, undermining the Japanese Yen. Moreover, Fed hike bets support the safe-haven US Dollar and the currency pair. The market focus now shifts to the release of the crucial US CPI report.

Gold retreats from three-week top; $4,150 resistance holds ahead of US CPI

Gold drifts lower during Tuesday’s Asian session, reversing part of the previous day’s strong gains to a near three-week high, around the $4,150 hurdle, as mixed signals about US-Iran peace talks support the safe-haven US Dollar. Traders now look to the crucial US CPI report for more cues about the Fed’s policy path, which would drive the buck and influence the non-yielding bullion.

NYSE taps Avalanche for clearing and settlement of tokenized securities

Avalanche defied the crypto market drawdown on Monday, up 4% after announcing it will provide the core ledger technology for clearing in the New York Stock Exchange's upcoming tokenized securities trading platform.

This weeks’ two big inflation reports will offer perspective

Payrolls on Friday surprised with a big gain, 165,000 new jobs rather than the 65,000 forecast. Also the unemployment rate fell from 4.2% to 4.1% although average hourly earnings are up only 0.4% ($32.75). This weeks’ two big inflation reports will offer perspective. Tomorrow it’s CPI and on Friday, which is a Friday the 13th, it’s PPI.

Gold reclaimed $4,100. Tuesday’s CPI test decides if it holds

Gold (XAU/USD) starts the week on a positive note, reclaiming the $4,100 psychological level as the US Dollar (USD) retreats from its recent highs. The precious metal recovers from Friday's losses, although investors remain cautious ahead of Tuesday's US Consumer Price Index (CPI) report, which could determine the next direction for Bullion.