US Natural Gas Slumps as LNG Plant Shutdown Strands Supplies
- Fire-damaged Freeport LNG terminal may be shut for 90 days
- European prices surged as region’s stockpiles remain tight
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US natural gas futures plummeted and European prices surged after the operator of a key Texas export terminal said it may take three months to partially restart the facility following a fire last week.
The new timeline from Freeport LNG is much longer than many market participants had anticipated and matches the worst-case scenario posited by at least one analyst. Freeport previously said its facility would remain closed for at least three weeks.