Representatives with the liquefied natural gas (LNG) facility in Texas that suffered an explosion last week, Freeport LNG, said early Tuesday that the company does not expect the export facility to be fully repaired for months. 

The company is now targeting late 2022 for a return to full service instead of the initial guidance of three weeks. Given that the explosion and fire that knocked the plant offline were contained to a small area, partial operations could begin in 90 days, said Freeport LNG Development LP. The announcement sent U.S. natural gas futures tumbling.

The July New York Mercantile Exchange gas futures contract plunged by $1.42 to close at $7.189/MMBtu on Tuesday. It hit an intraday low of $7.008. The European benchmark Title Transfer Facility prompt contract...