Tropical Storm Nicholas, which moved onshore Texas early Tuesday, has temporarily shut down the Freeport liquefied natural gas (LNG) terminal south of Houston, and is projected to sweep over all of the Gulf Coast’s major export facilities in the coming days.

The storm’s turn toward Louisiana may threaten exports at a time when the global gas market is at a breaking point. Record high prices in Europe are nudging the continent closer to an energy crisis, and prices in Asia continue to climb.

Freeport spokesperson Heather Browne said early Tuesday all three of the terminal’s liquefaction trains were offline, “likely due to power issues related to the storm.” She added that “we continue to assess everything. There is no other facility damage to report at this time.”...