VET:CC - US natural gas plummets as Freeport LNG outage expected to last until year end

A fire at the Freeport LNG export terminal last week cut volumes for the US's largest export facility, with the outage at that time expected to last "at least three weeks." Tuesday, Freeport LNG released a statement indicating that "at this time, completion of all necessary repairs and a return to full plant operations is not expected until late 2022. Given the relatively contained area of the facility physically impacted by the incident, a resumption of partial operations is targeted to be achieved in approximately 90 days." Natural gas prices (NG1:COM) fell ~15% following the release, and trading of the United States Natural Gas ETF (UNG) was halted. What is clearly bad news for US natural gas producers, is also bad news for those with LNG offtake from the facility, including BP (BP) and Total (TTE). Reduced LNG exports should be a tailwind for domestic European producers like Equinor (EQNR), NRT

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US natural gas plummets as Freeport LNG outage expected to last until year end