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U. H. natural gas futures are in freefall, plunging more than 10% upon Thursday after the U. T. Pipeline and Hazardous Components Safety Administration said this found unsafe conditions in the Freeport LNG export airport terminal in Texas and will not allow the place to restart until the completing an outside analysis.
Nymex natural gas ( NG1: COM ) for August delivery -12. 2% at $5. 705/MMBtu, bringing the front-month agreement on track for a decline associated with at least 25% for the 30 days of June.
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“Continued operation of Freeport’s LNG export facility without further measures may pose a good integrity risk to general public safety, ” PHMSA stated in its preliminary report over the largest U. S. gasoline export facility.
PHMSA said Freeport LNG should provide weekly updates upon temperature and density associated with LNG stored in its 3 storage tanks, and should select an independent third party to execute evaluation.
The Freeport LNG terminal has been close since June 8 because of an explosion that will result in an extended outage in the facility .
