Natural gas: Middle East risks and US storage – ING

FXStreet Insights Team FXStreet

ING analysts Warren Patterson and Ewa Manthey note European natural gas prices have rallied as Middle East tensions raise risks to global LNG trade, with EU storage well below its five‑year average. For US natural gas, they highlight a slightly smaller‑than‑expected inventory draw, leaving storage below both year‑ago levels and the five‑year average.

European rally and tighter US balances

"European natural gas prices rallied further yesterday amid the growing tension in the Middle East."

"Escalation in the Middle East would leave a sizeable amount of global LNG trade at risk, and at a time when the EU holds lower than usual gas inventories."

"EU gas storage is less than 32% full at the moment, well below the five-year average of 49% full."

"For US natural gas, inventories fell by 144bcf over the week, slightly less than the 149bcf the market was expecting."

"This leaves total US natural gas storage at 2.07tcf, which is 2.8% below year-ago levels and also 5.6% below the five-year average."

(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.

EUR/USD stays bid near 1.1560, focus shifts to the ECB

EUR/USD extends its weekly recovery for the third day in a row on Wednesday, navigating in a sidelined fashion around 1.1560 on the back of decent losses in the US Dollar. In the meantime, market participants continue to assess the latest US inflation data while hifting its attention to the ECB event on Thursday.

GBP/USD recedes from tops, hovers around 1.3400

GBP/USD could not sustain the initial bull run and is now slipping back toward the 1.3400 neighbourhood on Wednesday. Cable’s continuation of the ongoing leg higher follows mild selling pressure on the Greenback, despite steady uncertainty on the geopolitical front and elevated US inflation.

Gold threatens a test of YTD lows near $4,100

Gold is accelerating its downward trends and approaches the area of $4,100 per troy ounce on Wednesday, where the 2026 bottom sits so far. The persistent decline in the precious metal almost exclusively follows the swelling opinion that the Fed will keep a cautious stance in H2, a view that was reinforced following earlier US CPI data.

Crypto Today: Bitcoin, Ethereum, XRP face downside pressure amid investor de-risking

Major crypto assets trade under intense headwinds on Wednesday, as market participants navigate complex geopolitical and macroeconomic environments.

Brutal sell-off: Silver deepens months-long slide, refocusing on $60

Silver has never been known for its calm temperament. The precious metal can spend weeks grinding higher before suddenly giving back months of gains in a matter of days. That volatile reputation has been on full display in recent weeks.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.