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Benchmark LNG prices were around $31/MMBtu as buyers scrambled to replenish stocks. European gas storage remained about 15% below five-year averages entering the withdrawal season, and storage was not expected to normalise before October 2022.
Germany's regulator also suspended approval of a major Russian gas pipeline, adding to upward pressure on regional prices.
Tight European storage and high LNG prices pull global LNG cargoes toward Europe and keep energy costs elevated. Higher gas costs raise nitrogen fertilizer production expenses, which supports feed-grain input costs.
reuters.comMarwa RashadNov 17, 2021After 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.
After 92 past bullish macro events, Urea moved a median +0.0% over 5 sessions (50% higher; middle half -2.0% to +3.6%), and +4.8% 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.
