Natural Gas Prices Fall Word That Texas Terminal Will Be Blocked for Months

Natural gas prices in the United States plummeted 17 percent on Tuesday after an announcement that fire damage at a Texas gas export terminal would take several more months to repair, blocking large export volumes.

Because Europe has grown increasingly dependent on American liquefied natural gas to replace Russian production, the news sent European natural gas prices higher. Europe’s prices are set regionally, not globally like oil.

When an explosion damaged part of the Freeport LNG terminal on June 8, officials said it would probably take three weeks to return the plant to normal functions. Gas prices, which had more than doubled since last year, dropped modestly.

Article source: https://www.nytimes.com/2022/06/14/business/natural-gas-prices-texas.html