Europe: Nitrates prices decline following restarts; now nearing breakeven levels

After 113 past macro events, Urea moved a median 0.0% over 5 sessions (48% higher; middle half -2.0% to +3.3%), and +3.7% over 20.

• Mar 20, 2023Global Natural Gas Prices Keep Falling as Demand Weakens, Banking Crisis Weighs on Markets – LNG Recap+0.3%
• Mar 24, 2023US natgas prices slump after mild winter leaves big surplus | Reuters-0.8%
• Mar 20, 2020Coronavirus impact hits western urea markets hard, east faring better for now-1.2%
• Jul 30, 2026Brazil fertilizer deliveries seen falling at least 10%-4.0%
• Jan 9, 2023Looking to a turn in the commodity price cycle - CRU Group-2.9%

After 59 past bearish macro events, Natural Gas moved a median +1.3% over 5 sessions (58% higher; middle half -5.0% to +5.2%), and -2.0% over 20.

• Jan 3, 2023Natural Gas Prices in Europe Fall to Pre-Invasion Levels - The New York Times-4.8%
• Mar 12, 2021Asia and LNG Are Disrupting Europe’s Natural Gas Price Model - Bloomberg-8.1%
• Mar 20, 2023Global Natural Gas Prices Keep Falling as Demand Weakens, Banking Crisis Weighs on Markets – LNG Recap-10.6%
• Nov 7, 2022Column: LNG market in trifecta of change to prices, flows and seasonality - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com+5.0%
• Mar 21, 2019Morgan Stanley: Low European gas prices to prompt US LNG utilization cuts | Oil & Gas Journal-4.9%