Author Topic: Natural-Gas Prices Plunge After Extended Outage at Texas LNG Facility  (Read 560 times)

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Offline Free Vulcan

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One of the biggest U.S. LNG exporters says fire damage will prevent it from returning to full capacity until late this year

U.S. natural-gas prices plummeted after an LNG shipping facility in Texas said a fire last week would knock out the facility until late this year, greatly reducing export capacity.

Natural-gas futures for July delivery fell more than 16% to end Tuesday at $7.189 per million British thermal units, the latest whipsaw move in the market for the power-generation and heating fuel. Futures prices for deliveries through February shed at least 10% on the day, suggesting greatly diminished fears about shortages this coming winter.

Natural gas has been a big driver of inflation this year, with the highest prices in years adding to the cost of heating, cooling and powering homes and businesses as well as manufacturing steel, cement, glass, plastics and fertilizer. Prices had hit $9.60 just before the fire at the LNG plant on Wednesday, which was about triple what gas cost a year earlier. Since the fire, prices have dropped 25% from that intraday high.

https://www.wsj.com/articles/natural-gas-prices-plunge-after-extended-outage-at-texas-lng-facility-11655235895

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Finally a fire that works in our favor.
« Last Edit: June 15, 2022, 11:03:28 am by Free Vulcan »
The Republic is lost.

Online IsailedawayfromFR

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Unfortunately this plays into the non-export crowd thinking, leading potentially to laws limiting/banning future exports of gas
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline Hoodat

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Freeport LNG.  I wonder which safety control system they had in place.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-