Posted on 06/09/2022 8:49:24 AM PDT by blam
Europe’s natural gas prices jumped Thursday after one of the US’ largest liquefied natural gas (LNG) export terminals experienced an explosion on Wednesday and has been shut down. A large share of the terminal’s LNG has been destined for Europe as the continent weens off Russian supplies.
Been in the Freeport area all day for an “incident” at LNG facility on Quintana Island. Freeport PD and witnesses say no doubt about it: it was an explosion. 💥 The fire/release has been contained and employees are accounted for. Investigation underway. pic.twitter.com/8wuGEGazb2
— Erica Simon (@EricaOnABC13) June 8, 2022
According to Bloomberg, the Freeport LNG export terminal in Texas will be shuttered for at least three weeks, which will impact 20% of all US LNG exports. In the last four months, 75% of all US LNG exports have been sent to Europe.
“In the last three months, 68% of all Freeport cargoes were delivered into European markets,” said Tom Marzec-Manser, head of gas analytics at ICIS.
Ole Hansen, head of the commodity strategy at Saxo Bank A/S, said the situation at Freeport has upended European gas markets after “calm trading seen in recent weeks.”
Dutch front-month gas, the European benchmark, traded as high as 16% before giving up some gains and trading at 84 euros per megawatt-hour.
After the reports of the explosion, we noted that US natgas was sold due to export halt fears would build supplies on the domestic grid; inversely, EU natgas would soar because of a decline in export shipments.
For those puzzled by the price action, US NatGas’s slump is in response to the prospect that fewer LNG exports would mean more supply domestically, though inversely, it would mean higher prices in Europe since the US has been increasingly sending LNG across the Atlantic to ween European countries off Russian supplies.
Since the incident at Freeport, US natgas prices have plunged 15%.
Analysts at Houston-based energy firm Criterion Research said, “very little information is known about the extent of the damage and how long it will take to repair.”
“Explosion”
“Explosion” = Sabotage
“Explosion” = Sabotage
“In the last three months, 68% of all Freeport cargoes were delivered into European markets,” said Tom Marzec-Manser, head of gas analytics at ICIS.”
That’s an astounding (high) number. I of course knew there were LNG ships but I didn’t realize there were that many of them. Compared to the sheer volume of hydrocarbons coming into Freeport through who knows how many pipelines.
Yep. And food plants catching fire, etc. We are being so played. They know their time is short. They have until November.
And make no mistake, what is happening is this and it’s never been more obvious:
For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. - Ephesians 6:12
“The woods are lovely, dark, and deep...”
WEll, it means more gas for us. 😉
It’s called karma. They embrace every bad idea that comes along. They don’t have colonies but think they should still tell the brown coolie nations how to run things and to control their resources. They unleash Marxism, Nazism, Green eco crap, and Prussian bureaucracy on the world. Turn a wonderful defensive alliance into an expansionist aggressive entity. Nurture every butt-hurt feeling of ethnic and national insults from centuries back.
And then they wonder why they have “bad luck”.
It’s like your no good relative who skipped school, did drugs, was the town drunk, cheated on his wife, had kids with 5 women, wondering about his “bad luck”.
Sabotage would be my guess.
I used to go to the beach down that way (Freeport) at Surfside just to get away from all the people and rules at Galveston.
It was okay to have cars on the beach, camping and huge fires at night.(Well. back in the 70's-80's... don't know what it's like there now)
The only poem that I can still quote from memory. Sixth grade, I believe.
I predict the orchestrated collapse of western nations will take place before November.
It isn’t some wave of sabotage. Oil plants, gas facilities and fertilizer plants in Texas routinely blow up. Texas City was an epic one. Didn’t you even watch Urban Cowboy? And the fertilizer plant in West Texas was people trying to get chemicals to make meth.
As for the food plants, also all normal.
I think what is happening is that half their workforce left with covid. The crews there now are probably half staffed, and half of those are probably new employees making mistakes and taking shortcuts. Those plants have a lot of dangerous processes and chemicals.
The covid hoax basically reverted a huge chunk of our infrastructure to third world quality standards. You see it everywhere you go.
It isn’t Al Qeida frogmen, it isn’t Spetznaz, it isn’t Iranians. It’s the Democrat party policy that is blowing things up.
30+ food manufacturing and distribution plants damaged and out-of-business, and now are fuel facilities targets, too? Then power substations?
We should have natural gas coming out our behinds for a millennium. Thanks Democrats! Thanks Joe!
And Israel should be a big supplier for Europe as well. They probably just don’t like buying from the Jews what with their boycotts and what-not.
Maybe Europe should be forced to return to that wonderful heating source called “COAL”? Then there’s nuclear power…
More terrorism.
“… Since the incident at Freeport, US natgas prices have plunged 15%.…”
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Explosions may well be a part of the Biden Handlers’ plan for fighting inflation.
All that, and the EU could also just not be azzholes to Russia and conduct normal business dealings. Russia wanted to make money on oil and gas, and be treated with the most basic respect. the EU needs gas and doesn’t want to produce it at home. Both sides need peace for a business environment to flourish. It’s amazing what all could happen if the EU just gave up trying to control the world and back up their control with NATO (USA).
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