With recent weather model runs flipping the script in dramatic fashion on a heretofore mild winter, natural gas futures continued rallying in early trading Tuesday. After roaring higher in Monday’s session, the March Nymex contract was up another 12.8 cents to $2.978/MMBtu at around 8:50 a.m. ET.

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The overnight American Global Forecast System (GFS) maintained “massive” colder trends from its midday run on Monday, according to NatGasWeather. Meanwhile, the overnight European model added 23 heating degree days for this weekend through Feb. 15. 

This is “on top of the 37 HDD it gained” in recent runs, with the model now forecasting “a solidly colder than normal pattern and strong to very strong national demand,” NatGasWeather said. “This is the first time the past...