Natural gas futures hovered close to even early Wednesday as forecasts showing sustained mild temperatures put downward pressure on prices. The November Nymex contract was off 1.5 cents to $5.490/MMBtu at around 8:45 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Updated forecasts early Wednesday continued to look bearish even with “some minor gains” in expected demand that would periodically bring gas-weighted degree days closer to normal levels over the next 15 days, according to Bespoke Weather Services.

“The background state remains skewed quite warm, focused in the central U.S., but with a lack of chill anywhere thanks to a Pacific pattern that is very hostile toward delivery of any true chilly air into the U.S.,” Bespoke said.

The firm noted “some modest blocking” near term that “keeps the...