Freeport LNG, a major exporter of LNG in North America, is expected to extend its downtime, reducing much-needed supplies to European and Asian consumers as winter approaches.

The company has notified buyers that it will have to cancel deliveries scheduled for November and December, due to ongoing repair work and regulatory approvals, before it can open again, Bloomberg says, citing sources close to the process.

The company’s export facilities, located in Freeport (Texas), which were responsible for about 15% of LNG shipments, have been shut down since June, following an explosion and subsequent fire.

While a cold snap is expected, this is not good news, and natural gas prices rose on Monday on expectations of lower temperatures.

This is at a time when gas sales from Norway, the largest European exporter, are being sanctioned by stopping two important facilities.

The price of TTF natural gas, which is the “standard” for European markets and is negotiated in Amsterdam, rose 17.36% to €123.695 per megawatt-hour (MWh).

After a long period of unusually mild temperatures in Europe, those temperatures are expected to drop below average by the end of the week, with Berlin expected to stabilize below freezing – which will prompt people to turn on their heaters, prompting It leads to an increase in the demand for gas.

In addition to gas, crude oil will also come under pressure, as comes the European Union’s ban – as part of sanctions imposed on Moscow over the war it has been waging in Ukraine since February 24 – on importing Russian crude by sea. Effective from December 5th.