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Europe's TTF benchmark gas price topped 101 euros per MWh for the first time since 2022, trading at 101.82 euros early Friday. Prices rose about 4% on the day and were on track for an 8% weekly gain.
Concern over Gulf LNG flows through the Strait of Hormuz and historically low EU storage drove the rally.
Higher gas prices raise nitrogen fertilizer production costs, which lifts urea prices and feeds into grain costs, while Europe competes for LNG in ways that tighten global supply.
oilprice.comOct 30, 2026After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% over 20.
After 205 past bullish geopolitics events, Urea moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.0%), and -0.4% 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.
