- CF Industries (NYSE:CF) says it will close two U.K. fertilizer plants due to high natural gas prices, in a sign that Europe's energy crunch is affecting industry.
- The company does not have an estimate for when production will resume at the facilities.
- "Companies who directly face these prices as a large cost may struggle this winter as there appears to be little sign of these prices slowing down," Rajiv Gogna, a partner at LCP Energy Analytics, tells Financial Times, which also says the closures likely will raise pressure on U.K. ministers and British energy regulator Ofgem to take action to protect industry and households.
- The price for Europe's regional gas benchmark, the TTF month-ahead contract, closed at a record high $24.2/MMBtu yesterday, according to S&P Global Platts.
- Already-high U.K. gas prices were exacerbated this week by a fire at the country's main subsea cable that brings electricity from France.