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The International Energy Agency's Global Gas Security Review 2026 says the global gas market could stay tight into 2027 as Europe enters the heating season with its lowest gas storage in over a decade. LNG loadings from Qatar and the UAE fell by more than 60 bcm between March and October, only partly offset by new supply from North America and Africa.
Tight LNG supply intensifies competition between Asian and European buyers, pushing regional gas benchmarks to their highest since the 2022-2023 crisis. Higher gas costs raise nitrogen fertilizer production costs and feed-grain drying and processing costs, supporting feed input prices.
oilprice.comMichael KernNov 3, 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.
