European gas prices surge after fire in US compounds Russia supply concern
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.
The closure comes as pipeline supplies from Europe’s top providers are also capped.
