Continued warmth in the latest forecasts, combined with a drop in export volumes, sent natural gas futures several cents lower in early trading Thursday. The February Nymex contract was down 5.0 cents to $2.489/MMBtu at around 8:45 a.m. ET.

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The updated forecast from Bespoke Weather Services early Thursday showed small changes versus 24 hours earlier. However, this came after models reversed colder trends in Wednesday’s midday runs, according to the firm.

The forecast shows “variability mixing in over the next couple of weeks but no material move to the colder side,” Bespoke said. “We also still see the pattern turning more toward a warmer than normal regime once agains as we move into early February.

“…We mentioned yesterday that it is difficult to see much downside...