Natural gas futures rebounded in early trading Wednesday as the latest weather data showed less warmth in the weeks ahead. The January Nymex contract was up 10.4 cents to $2.503/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Weather models overnight extended colder trends from Tuesday’s midday runs, resulting in an increase in gas-weighted degree day expectations in the latest forecast outlook early Wednesday, according to Bespoke Weather Services.

Both American and European modeling showed a shift toward a negative North Atlantic Oscillation (NAO) that “is not enough to negate the warm influence of the strong” positive Eastern Pacific Oscillation (EPO) “that develops, but is enough to reduce the intensity of warmth,” the firm said. 

Maxar’s Weather Desk in its updated forecast...