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The IEA reported on 3 November that Europe is entering winter with its lowest gas storage since 2013. Qatari and UAE LNG loadings fell by more than 60 billion cubic metres between March and October after Hormuz flows halted, and global LNG supply is projected to drop about 3% in 2026.
Europe will need to buy more gas next summer to refill storage.
Tight gas supply keeps European ammonia production costly, and a refill cycle into 2027 could keep nitrogen fertilizer prices elevated into the next planting season. This raises input cost risk for farmers.
agrilinkage.comAgriLinkage Trade, CommoditiesNov 4, 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.
