European gas prices jumped on Thursday after an explosion at one of the biggest US liquefied natural gas export terminals, highlighting the fragility of global supplies as many countries attempt to cut their reliance on Russian energy.
Freeport’s LNG facility in Texas will be closed for at least three weeks after the explosion on Wednesday, cutting off roughly a fifth of US liquefaction capacity, a process by which natural gas is supercooled and loaded on to tankers for delivery overseas.
European wholesale gas prices jumped more than 10 per cent to €88 per megawatt hour, while UK prices for delivery in July surged by a quarter to 163p per therm.
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