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Sebastien Chu Ti is a fertilizer market analyst. He is a graduate in languages from Cambridge University and is a fluent Russian speaker.
In the US, Henry Hub gas prices fell below US$2.50/MMBtu in January 2012, due to a combination of economic uncertainty, increasing availability from shale gas reserves and unexpectedly mild winter conditions. This price was reported to be the lowest in a decade, and production of associated gas, due to high oil and liquids prices, was cited as an additional key influence.
The Middle East is a major nitrogen export supplier to the world. The region enjoys vast reserves of ‘stranded’ natural gas with a surplus of gas for local market requirements. Producing nitrogen offers one way of monetizing the gas, and a substantial export oriented nitrogen business has developed.
After protracted negotiations lasting many years, Russia secured approval for accession from the WTO (World Trade Organisation) Working Party on 10 November 2011. This is expected to soon end Russia’s status as the largest economy outside the WTO.
Financial difficulties in parts of the world and the possibility of slower growth in key developing economies have done little to weaken gross profits for most nitrogen producers during the first half of this year, as they continue to benefit from steady or lower costs and higher end product prices.
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