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Fertilizer Prices Are Soaring on Natural Gas Crunch in Europe

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(Bloomberg) -- Pricing are heating up again in the fertilizer market as an energy crunch in Europe makes manufacturing nitrogen more pricey.

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The price of gas, the main input for nitrogen-rich ammonia fertilizer, has been surging in Europe after Russia slashed supplies to its biggest market following the invasion of Ukraine and imposition of Western sanctions. That’s making it more expensive to produce fertilizer.

The era of cheap ammonia is “in the rear view,” Alexis Maxwell, an analyst at Bloomberg’s Green Markets, said in a note.

Green Markets’ Tampa ammonia spot-price index rose nearly 15%, the most since March. New Orleans urea, a common nitrogen fertilizer, saw its weekly price rise over 7% Friday to the highest since May.

“This fertilizer bull run certainly has legs heading into the fourth quarter,” Maxwell said in an email.

Read More: Kremlin to Keep Up Its Gas Squeeze on Europe, Insiders Say

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