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In October 2026 the European natural gas price rose 12.1% to $28.50 per MMBtu, its highest monthly level since December 2022. The Middle East f.o.b. urea price rose 3.1% to $420 per tonne, so urea bought less natural gas than at any point since December 2022.
Natural gas is the main feedstock for ammonia and urea, so rising gas costs push nitrogen production costs and prices up. The falling urea-to-gas ratio points to continued upward pressure on fertilizer prices ahead of the northern hemisphere spring top-dressing season.
wikifarmer.comNov 5, 2026Not enough comparable past events yet for a historical read.
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.
