# The increase in the price of oil led to an increase in the prices of gas and nitrogen fertilizers

> Brent futures rose about 5% in a week to a record $83/barrel, gaining 12.6% for the month, after Saudi Arabia and Russia announced production cuts. European spot gas also rose 11.2%, and the article links higher oil and gas to a rise in nitrogen fertiliser prices.

- Date: 2023-07-26 · published 2023-07-26T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7009-the-increase-in-the-price-of-oil-led-to-an-increase-in-the-prices-of-gas-and
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

Higher crude and natural gas raise nitrogen fertiliser production costs, which feeds through to urea prices and the cost of feed inputs.

## Read by commodity

- WTI: bullish ▲
- UREA: bullish ▲
- BRENT: bullish ▲
- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-01-09 | [Oil Prices: What to Make of the Volatility](https://feedsoft.ai/events/73142-oil-prices-what-to-make-of-the-volatility.md) | -2.8% | -0.2% |
| BRENT | 2026-10-28 | [South African rand softens as oil prices rise, Fed in focus \| CNBC Africa](https://feedsoft.ai/events/17333-south-african-rand-softens-as-oil-prices-rise-fed-in-focus-cnbc-africa.md) | -4.7% | — |
| BRENT | 2023-11-02 | [Petroleum increases its influence on crop prices \| The Western Producer](https://feedsoft.ai/events/15260-petroleum-increases-its-influence-on-crop-prices-the-western-producer.md) | -6.1% | -3.2% |
| BRENT | 2016-12-05 | [The good oil on grain prices… - Grain Central](https://feedsoft.ai/events/73542-the-good-oil-on-grain-prices-grain-central.md) | -0.3% | +3.5% |
| BRENT | 2017-04-12 | [Syria, OPEC, and Oil Prices](https://feedsoft.ai/events/71674-syria-opec-and-oil-prices.md) | -5.0% | -11.4% |
| WTI | 2017-01-09 | [Oil Prices: What to Make of the Volatility](https://feedsoft.ai/events/73142-oil-prices-what-to-make-of-the-volatility.md) | -3.0% | -1.8% |
| WTI | 2026-10-20 | [Canadian dollar outlook: oil prices and Fed signals drive the loonie By Investing.com](https://feedsoft.ai/events/17267-canadian-dollar-outlook-oil-prices-and-fed-signals-drive-the-loonie-by.md) | -0.2% | — |
| WTI | 2023-10-27 | [Petroleum's influence on crop prices increases \| The Western Producer](https://feedsoft.ai/events/15270-petroleum-s-influence-on-crop-prices-increases-the-western-producer.md) | -0.9% | -10.2% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/the-increase-in-the-price-of-oil-led-to-an-increase-in-the-prices-of-gas-and-nitrogen-fertilizers/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.