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European gas reached 103 €/MWh at the start of November, with storage below seasonal averages ahead of winter. Algeria has announced a ban on urea exports to France, a major historical supplier.
Global urea prices remain firm as India covers a large import gap and Egyptian producers hold firm terms.
Higher gas prices raise the cost of producing ammonia and nitrogen fertilizers in Europe, and losing Algerian supply tightens urea availability. Together these support urea prices and may push farm nitrogen costs higher into the next season.
lafranceagricole.frNov 3, 2026After 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.
After 155 past bullish macro events, NATGAS moved a median +0.1% over 5 sessions (51% higher; middle half -4.0% to +7.1%), and +2.0% 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.
