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(Bloomberg) — US pure fuel futures plunged as merchants tried to make sense of an unconfirmed tweet on the state of the huge Freeport LNG export terminal in Texas that has been shut since a hearth broke out in June.
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Gasoline futures for December supply plunged as a lot as 7.4% on Friday after somebody figuring out themselves as a dealer posted on Twitter that “cracked pipes” had been found on the terminal, probably delaying the corporate’s plans to restart exports. The tweet, which has since been deleted, took off after being shared by one other Twitter deal with that’s extensively adopted by fuel merchants and analysts.
Shortly after the tweet, a letter falsely attributed to Freeport LNG circulated, stating that the report of cracked pipes was false and that part of the terminal would restart within the quick future.
“That’s NOT a legit assertion from Freeport LNG,” firm spokesperson Heather Browne stated by electronic mail. The corporate reiterated in an announcement later that it hadn’t made a public assertion on Friday concerning the restart of the terminal, but it surely didn’t handle the problems raised within the unique tweet.
If something, the Twitter episode lays bear the challenges of verifying market-sensitive info on social media right this moment — and the way extraordinarily unstable pure fuel markets have change into with winter climate forecasts altering dramatically from someday to the subsequent and increasingly tankers filled with US fuel sure for Europe.
(Provides reshare of tweet in second paragraph)
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