In the second quarter of 2023, the North American Urea market witnessed prevailing pessimistic sentiments. The decline in Urea prices was primarily attributed to the diminishing prices of its feedstock, Ammonia, and upstream Natural Gas. According to data from the US Bureau of Labor and Statistics, the Natural Gas Index registered a 2.6% decrease in the month, marking the fourth consecutive decline. Low water levels in the Mississippi River, caused by high temperatures, disrupted exports from the USA to other countries, resulting in surplus availability of Urea in the market.