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Europe's TTF benchmark rose above €100/MWh on October 28 for the first time since 2022, driven by disrupted Qatari LNG, Norwegian plant outages and low EU gas storage. Yara has cut ammonia output at Ferrara, and gas now accounts for most of ammonia production cost.
Higher European gas costs raise nitrogen production costs and push up fertilizer prices, while also feeding into broader energy-driven inflation for feed producers.
fertilizerdaily.comDmitry SavinskyNov 2, 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.
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.
