European natural gas prices also saw plenty of weakness yesterday with TTF settling 3.7% lower on the day, taking prices back below EUR48/MWh, ING's commodity analysts Warren Patterson and Ewa Manthey note.
Potential transit flows through Ukraine to add pressure
"Talk of potential transit flows through Ukraine (of Azeri gas) will likely be adding pressure. In addition, storage draws have slowed which is likely offering some comfort to the market. EU gas storage is a little under 56% full at the moment, down from 72% at the same stage last year and below the five-year average of 63%."
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Oil prices came under pressure yesterday with the market and the broader complex unable to escape the sell-off seen in equity markets, ING's FX analyst Francesco Pesole notes.
EUR fell due to news about universal tariffs. Treasury Secretary Scott Bessent supports a 2.5% tariff on US imports, while Trump wants higher tariffs. This could limit EUR gains. The EUR/USD pair was at 1.0428.
USD/CAD strengthens as momentum grows among Trump’s advisers to impose 25% tariffs on Canada, potentially starting February 1. The Canadian Dollar (CAD) also struggles as the Bank of Canada (BoC) is expected to implement another 25 basis points rate cut on Wednesday. Meanwhile, the US Dollar gains ground amid uncertainty surrounding the impact of President Trump's policies.
