Natural gas futures plummeted Wednesday as weather models continued to seesaw, production increased, export cargoes were reportedly cancelled, and the latest government inventory print fell shy of market expectations.

The January Nymex contract settled at $2.608/MMBtu, down 17.2 cents day/day. February fell 16.1 cents to $2.588.

NGI’s Spot Gas National Avg., meanwhile, dropped 18.0 cents to $2.690.  

After showing a warmer outlook earlier in the week when compared to the European weather model, the American Global Forecast System (GFS) trended colder overnight into Wednesday and added 15 heating degree days (HDD), according to NatGasWeather.

The European model, however, shed eight HDD, bringing it close to the GFS.

“Prices gained overnight on the colder-trending...