A “small explosion” at Freeport LNG terminal in Surfside Beach, Texas, resulted in the plunge of natural gas futures on Wednesday afternoon.
Local news KHOU reports the incident occurred around 1140 local time in the 1500 block of Lamar Street at the facility on Quintana Island.
“We are in the process of monitoring the situation and will provide information accordingly,” Freeport’s Director of Corporate Communications Heather Browne told The Facts.
Criterion points out that the facility is the fourth largest in the US in terms of flows.
Natgas contracts slumped as much as 12% on the news to $8.43.
For those puzzled by the price action, US NatGas’s slump is in response to the prospect that fewer LNG exports would mean more supply domestically, though inversely, it would mean higher prices in Europe since the US has been increasingly sending LNG across the Atlantic to ween European countries off Russian supplies.
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