Commodities: European Gas Finds A Floor

ING Economic and Financial Analysis4.95K FollowersFollow5ShareSavePlay(7min)CommentsSummaryOil prices are under further downward pressure this week, with ICE Brent falling below $62/bbl, settling at its lowest level since late October.European gas prices appear to have found a floor, bouncing higher yesterday; the Title Transfer Facility (TTF) settled 2.3% higher.Silver prices rallied above $60/z - a fresh record high - in Tuesday’s afternoon trading.In its latest monthly WASDE report, the USDA decreased its estimates for US corn inventories for 2025/26 to 2.03b bushels compared to earlier estimates of 2.2b bushels. Denis Shevchuk/iStock via Getty Images By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist Oil prices traded to their lowest level since late October amid expectations of a surplus, while European gas prices appear to have foundThis article was written byING Economic and Financial Analysis4.95K FollowersFollowFrom Trump to trade, FX to Brexit, ING’s global economists have it covered. Go to ING.com/THINK to stay a step ahead. We’re sorry we can’t reply to individuals' comments.Content disclaimer: The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.This publication has been prepared by ING solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. For our full disclaimer please click here.Quick InsightsHow does the oil market surplus outlook impact forward price expectations?The deepening oil glut is expected to exert additional downward price pressure into 2026, with Brent already at its lowest since October.What are the key risks to Russian oil supply and market stability?Rising unsold Russian seaborne volumes may force steeper Urals discounts or output cuts if sanctions limit buyers, though Russia has historically circumvented restrictions.What is driving the record rally in silver, and is it sustainable?Silver's rally above $60/oz is fueled by Fed rate cut expectations, constrained supply, and resilient industrial demand, supporting strong prices into 2026.Recommended For You