European Gas Jumps as Fire in US Compounds Russia Supply Concern
- Freeport LNG facility in Texas to be shut for at least 3 weeks
- Closure comes amid capped supplies from Norway, Russia
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Europe’s natural gas prices jumped after a fire at a large export terminal in the US wiped out deliveries to a market that’s on high alert over tight Russian supplies.
Benchmark futures traded in Amsterdam snapped a six-day falling streak, while UK prices soared as much as 39% before paring gains. The Freeport liquefied natural gas facility in Texas -- which makes up about a fifth of all US exports of the fuel -- will remain closed for a minimum of three weeks, resulting in at least 10 missed cargoes.