HOUSTON — Ever since Russia invaded Ukraine in February, Europe has desperately tried to find new sources of natural gas, including from the United States, to reduce its dependence on Russian natural gas supplies.
Those efforts took a hit on Tuesday when an American gas company announced that it would take several months before it could repair a Texas export terminal that suffered a fire and explosion last Wednesday.
The suspension — which would affect roughly 14 percent of U.S. liquefied gas exports — was compounded by news that the Russian energy giant Gazprom would reduce its gas shipments to Germany via the Nord Stream pipeline.
The two announcements sent European gas prices 16 percent higher on Tuesday, since Europe’s prices are set regionally, not globally like oil. Natural gas prices in the United States moved in the opposite direction, plummeting more than 16 percent.
When an explosion damaged part of the Freeport LNG terminal this month, officials said it would probably take three weeks to return the plant to normal functions. Gas prices, which had more than doubled since last year, dropped modestly.
But on Tuesday, the company changed its public outlook and announced that it hoped a partial restart in 90 days was feasible.
“At this time, completion of all necessary repairs and a return to full plant operations is not expected until…
