Natural gas futures tanked Wednesday as news of a sunken barge in the Calcasieu Ship Channel squashed hopes for a quick resumption in full exports from the Cameron liquefied natural gas (LNG) facility. Another warmer shift in the latest weather data and higher production also worked in favor of bears.

The November Nymex contract settled at $2.636, down 21.9 cents from Tuesday’s close. December dropped a more moderate 5.8 cents to $3.189.

Spot gas prices were mixed for the third consecutive day, including steep declines out West. NGI’s Spot Gas National Avg. ultimately climbed 7.0 cents to $1.990.

With the largest price action occurring at the front of the Nymex curve, the overnight news that a barge had sunk in the Calcasieu Ship Channel clearly dominated Wednesday’s...