Natural Gas Prices Continue to Plummet After Freeport Announces Delay in Operations

Natural Gas Prices Continue to Plummet After Freeport Announces Delay in Operations

Natural gas prices have dropped 17% to $7.251/mmBtu after Freeport LNG announced that they will not be back to being fully operational until the end of 2022. Freeport LNG is the second-largest in the nation in exports of LNG. Freeport LNG made this announcement in an email following last week’s explosion and fire to their plant that shut it down completely. However, the email did say that the plant could resume partial operations within the next 90 days. Freeport LNG previously said that they would likely be shut down for at least three months, so the fact that there is the chance of a partial restart at least 90 days away could affect the demand for LNG facilities.