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European gas, power and carbon prices rose on November 12, with TTF December 2026 up 2.27% to €86.65/MWh. The gain followed an Iranian security chief's statement that no enriched nuclear material would leave Iran, which revived a geopolitical risk premium.
Norwegian supply dipped on unplanned outages.
Higher European gas prices raise the cost of nitrogen fertilizer and energy-intensive feed processing in Europe. The move has no direct effect on feed commodity prices.
energyscan.engie.comNov 12, 2026After 162 past geopolitics events, Natural Gas moved a median +2.2% over 5 sessions (61% higher; middle half -2.0% to +7.5%), and +4.1% 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.
