European Gas Surges While US Falls Amid Plant Shutdown

[Economy 52,907]

https://www.bnnbloomberg.ca/u-s-natural-gas-slumps-as-lng-plant-shutdown-strands-supplies-1.1778815

 

US & Canada natural gas prices tumbled while European prices surged almost 20% overnight as a fire accident in a major US LNG plant caused a shutdown and the company said the plant may not be operational for as much as 3 months.

 

Natural gas being liquified is essential for proper overseas transportation, reduced LNG capacity means more natural gas will have to stay in North America boosting domestic supplies but it also means the Europeans which desperately need US gas will face a further crunch

[SadBoi808 1,120]

Truly the end of times.
 

[Economy 52,907]

1 hour ago, SadBoi808 said:

Truly the end of times.
 

Well the Americans that wanted to ban exports of fossil fuels from the US must be happy about this as it basically is something that causes reduced exports

[tylerjs 6,096]

Interesting. My city (in Florida) just increased utility bills by 30% due to price of natural gas going up. Wonder if this will affect that now?

[Economy 52,907]

1 hour ago, soularpower said:

Interesting. My city (in Florida) just increased utility bills by 30% due to price of natural gas going up. Wonder if this will affect that now?

Probably not. The hike would have been determined already due to price increases earlier because there's a delay  (in my part of Canada it has is already increasing on July 2nd)

 

However if prices stay lower it's likely they will go back down for consumers later