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Natural gas prices in Europe remain supported – ING

European natural gas prices remain well supported with TTF settling a little more than 1% up on the day at EUR53.79/MWh, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.

Unplanned outages in Norway add to supply concerns

“Concerns over the quicker-than-expected draw in EU storage continue to support the market. EU storage is now a little under 53% full, below the 69% seen at the same stage last year and below the five-year average of 60%. However, the EU met its intermediary target of having storage at least 50% full by 1 February.”

“In addition, some unplanned outages in Norway have only added to supply concerns. However, Russian flows via Turkstream were stronger over January with flows totalling 1.4bcm, up 1.7% MoM and up 26% YoY.”

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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.

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EUR/USD deflates to daily lows near 1.1580

EUR/USD is still on the back foot on Monday, trading below the 1.1600 support as we get closer to the closing bell in Europe. In the meantime, the US Dollar is firming up again with risk appetite looking shaky, and markets are steadily trimming their expectations for a December Fed rate cut. All of that is keeping the pair’s recovery attempts pretty shallow.

GBP/USD stays on the defensive around 1.3160

GBP/USD is now losing some ground, adding to Friday’s pullback near 1.3160 against the backdrop of the marked bounce in the Greenback. Meanwhile, the overall sentiment surrounding the British Pound remains cautious as UK fiscal worries continue to linger in the background.

Gold in wait-and-see mode below $4,100

Gold is going nowhere fast on Monday, shuttling between modest gains and slight losses while hovering just above $4,000 an ounce. Recent remarks from key FOMC officials didn’t show much appetite for further rate cuts, prompting traders to scale back expectations for another Fed move, and leaving the precious metal without a clear driver for now.

Crypto Today: Bitcoin, Ethereum, XRP hold near support amid continued capitulation, deleveraging

Bitcoin offers subtle signs of recovery, trading above $95,000 at the time of writing on Monday. Altcoins, including Ethereu and Ripple, are making recovery attempts, following in BTC's footsteps, with ETH hovering below $3,200 and XRP trading around $2.27.

The week ahead: US economic data back in focus, and can Nvidia save the day for tech?

At the start of a new week, the market mood has calmed. US stock futures are pointing to small gains later on Monday, after a sharp sell off on Friday, European stock index futures are mostly flat at the start of the week.

Chainlink bulls defend key support, but low retail interest signals caution

Chainlink trades above $14.00 on Monday, as the cryptocurrency market generally recovers from last week’s volatility. LINK faces declining retail interest amid a weak derivatives market characterised by suppressed Open Interest.