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The IEA's quarterly Gas Market Report says Russia has largely cut gas supplies to Europe in retaliation for sanctions, pushing international prices to record highs. The agency expects market tightness to persist into 2023 as global LNG competition intensifies, while global gas consumption falls 0.8% in 2022.
Tight gas supply raises energy and nitrogen fertilizer production costs, which feeds through to urea and feed-grain costs for buyers. The outlook depends heavily on Russia's future actions.
iea.orgOct 3, 2022After 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.
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.
