Natural gas futures tanked at midmorning Wednesday after news of the delayed completion of a major LNG export facility accelerated earlier losses driven by healthy production and lackluster weather-related demand.

At A Glance:

  • January natural gas sinks 14.1 cents
  • Golden Pass LNG “mechanical completion” delayed
  • Cash sinks on futures, weather

The front-month natural gas futures contract settled down 14.1 cents at $2.569/MMBtu. The contract climbed to an early $2.757 intraday high before crashing through critical $2.649 support to an intraday low of $2.541. February natural gas futures caved 15.0 cents to a settlement at $2.517. 

NGI’s Spot Gas National Avg. sank 52.5 cents to $3.030. Price drops were broadly spread across regions, pressured by the natural gas futures...