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Europe's TTF gas benchmark rebounded from about €82.5/MWh on 9 November to closes near €90–92/MWh by 12–13 November, with intraday highs above €96. The rally followed an early-November correction from above €100/MWh and reflected heavy storage withdrawals and uncertainty over Gulf/Hormuz LNG flows.
The forward curve stayed in backwardation, with winter contracts priced above summer.
Higher European gas prices raise the cost of nitrogen fertiliser and ammonia production, which feeds through to urea and farm input costs. Tight winter supply also strengthens the case for higher energy costs across feed processing.
eurolng.comJuri GudinNov 15, 2026After 155 past bullish macro events, Natural Gas moved a median +0.1% over 5 sessions (51% higher; middle half -4.0% to +7.1%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
