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LNG export terminal fire could impact filling European gas storage

COMMODITIES
  • There is quite a bit of focus on the rise in natgas prices across Europe and the UK this morning after the fire at the Texas LNG export terminal.
  • Our Commodities team note that the terminal is likely to be shut down for three weeks and accounts for around 16% of US export capacity. LNG sourced from the US has accounted for around 50% of UK and European imports so far this year.
  • A three week shutdown could thus potentially have quite an impact on filling up European gas storage facilities ahead of the winter.
  • If that is the case then we could see gas prices remain even more elevated for a prolonged period, and hence help to keep inflation more elevated in both the Eurozone and the UK.
  • This is probably not the news that the ECB would have been hoping for ahead of its policy decision later today.
Energy BulletsCommodities
Energy BulletsCommodities

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