Delivering Value through Organic and Tuck-in Growth
Global Natural Gas and Coal Prices
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Record natural gas prices in Europe contributed to plant shut-downs and reduced operating rates, supporting increased prices
of all nitrogen products, while the combination of export restrictions and higher coal prices could pressure Chinese urea
production in the coming months
Energy Feedstock Prices
Ammonia Cash Cost
US$/MMBtu
US$/Tonne
$40
1,200
Henry Hub
2019
2020
2021
Current
-AECO
1,100
$35
1
European Hub
China Bituminous Coal
1,000
$30
900
800
$25
700
$20
600
500
$15
400
$10
300
200
$5
100
$0
0
Jan/2018
Oct/2018
Jul/2019
Apr/2020
Jan/2021
Oct/2021
Canada
USA
Europe
China Bituminous
1.
Presented on a US$/MMBtu equivalent basis.
March 2022
Source: Fertecon, US EIA, Canadian Gas Price Reporter, CRU, NutrienView entire presentation