A fire at the Freeport liquefied natural gas (LNG) export terminal in Texas on Wednesday shut down the facility for at least three weeks and had immediate impacts on natural gas pricing across the globe.

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With New York Mercantile Exchange July natural gas futures early in the week making their way to $10.00/MMBtu, the incident sent prices tumbling to near $8.00.

Freeport was using about 2 Bcf/d of natural gas. It also pulls about 690 MW from the power grid. That gas could now go to U.S. customers, storage or be sent via pipeline to Mexico.

Europe’s Title Transfer Facility (TTF) benchmark, meanwhile, gained nearly $1.50 to finish above $26/MMBtu Thursday. As the international market tightens, though, Mexico is in a privileged position, according to NGI’s Patrick Rau,...