Freeport LNG Says Tweets About Cracked Pipes Are False
- Letter about terminal reopening also is fake, company says
- Unconfirmed tweets manage to upend gas futures markets
An employee checks valves at the Freeport LNG facility in Quintana, Texas, U.S.
Photographer: Craig Hartley/BloombergThis article is for subscribers only.
Freeport LNG said a tweet about cracks in pipes at its Texas export terminal, which led to US natural gas futures plummeting Friday, contained false information, as did a letter stating the terminal would restart soon.
Gas futures for December delivery plunged as much as 7.4% on Friday morning after someone identifying themselves as a trader posted on Twitter that “cracked pipes” were discovered at the terminal, potentially delaying the company’s plans to restart exports. The tweet, which has since been deleted, took off after being shared by another Twitter handle that is widely followed by gas traders and analysts.