Fire at LNG Terminal in South Texas Jolts Residents, Fuel Markets
"We should have meetings where we could discuss issues to make sure that this would never ever happen again, because I'm afraid of what's going to happen next," Jones said."Nothing but the grace of God has kept us alive in these situations."
The shutdown comes at a time when global demand for LNG is high because many nations are trying to wean themselves off Russian gas, which is sent into Europe primarily though pipelines. U.S. exports have been soaring. Freeport LNG sells gas to a mix of buyers including major oil and gas companies, Asian utilities and commodities traders, and"those buyers will no longer be getting deliveries from Freeport until the facility is fixed," said Ross Wyeno, lead analyst at S&P Global Commodity Insights. Wyeno said it's unlikely that other LNG terminals around the world can increase production to pick up the slack because"everybody's pretty much maxed out if they can be.
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