Lower natural gas costs are also contributing to a decline in its cost of goods sold. However, weaker fertilizer prices are expected hurt NTR's performance. Prices of phosphate and potash have retreated since the back half of 2022 from their peak levels attained in the first half riding on the impacts of the Russia-Ukraine war and disruptions due to the sanctions in Belarus. Global nitrogen prices have declined since the beginning of 2023 driven by a rise in global supply availability. Lower prices are expected to weigh on the company's profitability in the near term. Nutrien expects Retail adjusted EBITDA in the range of $1.65-$1.85 billion for 2024, anticipating increased gross margins across major product lines compared with 2023 levels. Potash sales volume guidance ranges from 13-13.8 million tons, reflecting anticipated demand growth in offshore markets and normalized Canpotex port operations.