A FIRE broke out at a texas liquefied natural gas plant that promised to reduce exports for weeks, reports Bloomberg.
The Freeport Liquefied Natural Gas (LNG) export facility will remain closed for at least three weeks.
It issued a force majeure to buyers with shipments scheduled till at least June 30.
The US sent three-quarters of its LNG to Europe in the first four months of the year, with the region getting half of its supplies from across the Atlantic.
Some EU nations have been attempting to wean themselves off Russian gas due to the invasion of Ukraine, but remain dependent.
The outage will reduce supplies available to Europe and Asia while routing more shale gas into US storage caverns.
US gas futures fell five per cent to $8.263 per million British thermal units.
The Texas outage is also coinciding with the start of the northern hemisphere summer, when air conditioner use boosts demand from power stations.
SeaNews Turkey
The Freeport Liquefied Natural Gas (LNG) export facility will remain closed for at least three weeks.
It issued a force majeure to buyers with shipments scheduled till at least June 30.
The US sent three-quarters of its LNG to Europe in the first four months of the year, with the region getting half of its supplies from across the Atlantic.
Some EU nations have been attempting to wean themselves off Russian gas due to the invasion of Ukraine, but remain dependent.
The outage will reduce supplies available to Europe and Asia while routing more shale gas into US storage caverns.
US gas futures fell five per cent to $8.263 per million British thermal units.
The Texas outage is also coinciding with the start of the northern hemisphere summer, when air conditioner use boosts demand from power stations.
SeaNews Turkey
