Apr. 2 at 7:04 AM
Energy & Fertilizer Market Update
🌍 London Gas: +11% surge.
$ANNA /
$ANNAW: Levered to expensive European gas; Italian fields impacted. Italy usually imports 30% of gas from Qatar, now under force majeure.
$CF: Levered to cheap US Henry Hub gas; produces urea. Rising urea prices massively expand margins.
Key Insight:
Global gas costs rising → urea production expensive → plant shutdowns → Russia/China holding supply → India delaying tenders.
Market imbalance: system under stress.