With Freeport LNG delayed, Natural Gas Prices Have Dropped 12%
June 30, 2022
Natural gas prices are on the trajectory to drop down to their lowest price in twelve weeks. Prices currently are down 12% at 5.693/mmBtu. This is because of the explosion that happened at the Freeport LNG facility in Texas on June 8th. This explosion has hindered production ever since then, and many fear that this facility may be shut down even longer than expected. The Pipeline and Hazardous Materials Safety Administration is looking into the incident and says that the company must make changes to the Freeport facility’s production process in order to improve safety and prevent another incident from happening in the future. The director of the Pipeline and Hazardous Materials Safety Administration says that the Texas facility cannot resume normal operations until the necessary changes are made.
