Freeport LNG in Texas resumes operations after power outage, data shows

Freeport LNG's Texas export plant was on track to take in more natural gas on Monday, data from financial firm LSEG and company filings with state environmental regulators showed, in a sign that it was back in service after a major outage on Saturday.

Freeport is one of the world's most closely watched U.S. liquefied natural gas export plants because starts and stops of its operations often cause price swings in global gas markets.

When flows to Freeport drop, gas prices in the United States usually decline due to lower demand for the fuel from the export plant. Prices in Europe, meanwhile, usually increase, due to a drop in LNG supplies available to global markets.

Futures prices in the U.S. NG1! climbed about 2% to a seven-month high on Monday due in part to the Freeport outage.

Prices in Europe (TRNLTTFMc1), however, were also up about 2% for reasons not necessarily related to it.

Freeport told Texas environmental regulators that all three of the plant's liquefaction trains shut on Saturday due to an incoming power feed interruption.

Officials at Freeport had no comment on the latest outage.

LSEG said gas flowing to Freeport was on track to reach 1.0 billion cubic feet per day (bcfd) on Monday, up from 0.4 bcfd on Sunday and an average of 1.8 bcfd from October 25-31.

The three liquefaction trains at Freeport are capable of turning about 2.4 bcfd of gas into LNG. A billion cubic feet of gas is enough to supply about five million U.S. homes for a day.