The closure could have a significant effect on energy prices with increased summer demand on the way.
The Freeport LNG natural gas plant on Quintana Island, about 70 miles south of Houston, will shut down for at least three weeks following an explosion that took place late Wednesday morning, according to Reuters.
No one was injured in the blast, and all employees and contractors are accounted for, but the facility produces about 20 percent of U.S. liquid natural gas processing, the Guardian reports, so news that operations would not resume for weeks was a blow to global energy markets. Meanwhile, natural gas prices in Europe rose by about 20 percent on Thursday over concerns over U.S. supply. The closure could have a substantial effect on energy prices with increased summer demand, according to the Washington Post.