European gas prices rose again on Wednesday after a period of declines, with the Dutch benchmark up 2.7% to above 87 euros per megawatt hour. Talks to end the Middle East conflict have made little progress.
European gas reserves and LNG supplies are running below last year's levels.
Higher gas prices raise the cost of nitrogen fertilizer and energy used in European feed and grain production, which can support feed ingredient prices. The move reflects Middle East supply risk rather than a direct change in feed supply.
After 260 past macro events, Natural Gas moved a median +0.4% over 5 sessions (52% higher; middle half -4.5% to +7.3%), and +1.4% 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.