U.S. natural gas supply and demand balance shifts amid outage at Freeport LNG

A fire at Freeport LNG's natural gas liquefaction plant led to the full shutdown of the facility on June 8. The shutdown reduced U.S. export capacity by an estimated 2.0 billion cubic feet per day (Bcf/d), and as a result, the U.S. benchmark Henry Hub natural gas spot price fell by $1.27 per million British thermal units (MMBtu) to $8.16/MMBtu on June 9. The Henry Hub price continued to decline through the end of June, ending the month at $6.54/MMBtu.