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European natural gas prices fell more than 3% to below €92/MWh, their lowest in over a week, extending a 8.7% decline on Monday. The drop followed reports of progress toward a possible US-Iran diplomatic agreement, which eased the geopolitical risk premium that had pushed prices above €100/MWh.
Storage remains tight, with Germany at 61.05% full and EU inventories below 75%, the lowest on record for this time of year.
Lower European gas prices reduce input costs for nitrogen fertilizer producers, which can ease urea pricing pressure. Tight EU storage and colder weather still support prices, so the decline may be temporary if diplomacy stalls.
tradingview.comNov 3, 2026After 59 past bearish macro events, NATGAS moved a median +1.3% over 5 sessions (58% higher; middle half -5.0% to +5.2%), 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.
