From Celsius this am
The sell-off in NG was driven by escalating concerns regarding the anticipated LNG export surge in 2024. In a presentation on Wednesday morning, Exxon announced that its 2 BCF/day Golden Pass facility would be delayed from late 2024 into 2025. This confirmed a long-standing rumor in the sector. Additionally, Venture Global commented that their nearly 4 BCF/day Plaquemines facility—scheduled to begin exporting cargoes in late 2024 into 2025—would undergo a prolonged commissioning process and that long-term cargoes wouldn’t be delivered until 2026 at the earliest.
On top of this, you have Biden slow rolling new plants and delaying approvals or outright denials
This means no export surge in 2024 to counter production growth. the producers will have to get slapped in the head with sub 2.50 pricing to wake up and cut production