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Freeport LNG's Texas export terminal was shut after a fire, removing a key source of U.S. gas supply to Europe and Asia. U.S. natural gas futures initially fell as much as 14% on expectations that freed-up supply would rebuild U.S. storage, then recovered to end about 2% higher.
Losing roughly 2 bcf/d of LNG export demand weighs on U.S. gas prices while tightening European and Asian supply, which affects energy costs for feed mills and fertilizer producers.
reuters.comMarwa RashadJun 9, 2022After 29 past bearish logistics events, Natural Gas moved a median -9.8% over 5 sessions (21% higher; middle half -20.0% to -3.1%), and -16.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
