US fire highlights Europe's precarious gas position

Prices jump after fire shuts terminal resulting in at least 10 missed cargoes

The Freeport LNG facility in Quintana, Texas, US. Will close for at least three weeks putting more pressure on energy supply to Europe. Picture: Bloomberg

Europe’s natural gas prices have jumped after a fire at a large export terminal in the US wiped out deliveries to a market that is on high alert over tight Russian supplies.

Benchmark futures traded in Amsterdam in the Netherlands snapped a six-day falling streak, while UK prices soared up to39% 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 at least three weeks, resulting in at least 10 missed cargoes.