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On 10 November granular urea traded at $510 per tonne FOB Egypt and $435 FOB Middle East, a $75 premium for Egyptian cargoes. Egypt cut gas supplies to fertiliser plants by 20%, then by 33% on 8 November, while Gulf cargoes still carry a Hormuz war premium.
Gas curtailments are constraining nitrogen output on the Mediterranean coast, so North African urea is priced by domestic LNG budgets rather than shipping risk. This keeps urea prices firm in the region and tightens supply for importers.
talayinsight.comNov 12, 2026After 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.
