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24 Jan 2025

European gas prices remain well supported – ING

The EIA released its weekly natural gas storage report in which US working storage was reported to have fallen by 223Bcf, less than the 248Bcf draw the market was expecting. The smaller-than-expected draw and forecasts for some warmer weather saw Henry Hub tick lower yesterday, ING’s commodity analyst Warren Patterson notes.

Concerns over EU gas storage remain unchanged

“European gas prices remain relatively well supported, with TTF trading just shy of EUR50/MWh. Concerns over EU gas storage remain with inventories now below 58% full, down from 74% at the same stage last year and below the five-year average of 66%.”

“The market and member countries are becoming increasingly concerned about the task of refilling storage through the injection season and the fact that the forward curve provides no incentive to store gas for next winter. The forward curve is in backwardation between summer 2025 and winter 2025/26. Talk of subsiding the refill of storage is growing.”

Jan 24, 2025

USD: Trump scales back China tariff threat – ING

Donald Trump’s address in Davos yesterday included most of the threats related to implementing his America First vision – something markets are becoming accustomed to. Comments on oil prices and interest rates seemed to attract more headlines.
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Jan 24, 2025

JPY: Hawkish BoJ hike – ING

The Bank of Japan (BoJ) hiked rates by 25bp this morning, in line with market expectations and consensus.
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