(Bloomberg) — US natural gasoline prices plunged following a fire at an export terminal in Texas. The incident threatened to leave the fuel’s supplies unassailable in shale basins due to rising overseas demand.

The fire is still burning at the Freeport LNG terminal in Quintana, Texas, about 65 miles (105 kilometers) south of Houston, according to a recording on the Brazosport Community Awareness & Emergency Response hotline. Brazosport Community Awareness & Emergency Response (Brazosport CAER) stated that the incident happened at around 11:40 am local time Wednesday. A probe is underway.

Freeport is home to approximately 2.5% US gas output. It receives around 2 billion cubic feet. The blaze could have a significant impact on global supplies of LNG as Europe clamors for cargoes after Russia’s invasion of Ukraine. While US gas stocks are lower than normal, prices have risen to their highest level since 2008.

The fire is “going to curtail exports and alleviate some of the strain on US supplies,” said John Kilduff, a partner at hedge fund Again Capital in New York. US consumers “should benefit from lower prices, but Europe and Asia will probably pay higher prices.”

US delivery for July fell as low as 9.3%, to $8.427 per Million British thermal units New York. This was after previously rising as much a 4%.

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