With updated weather models seen teasing the possibility of colder temperatures developing next month, natural gas futures rallied sharply early Friday. The November Nymex contract was up 14.8 cents to $5.263/MMBtu as of around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The latest model runs as of early Friday showed a setup that could increase the chances for more intimidating cold heading into November, according to Bespoke Weather Services.

Models added gas-weighted degree days (GWDD) in the medium-range outlook compared to previous expectations, but that “does not tell the entire story,” the firm said.

“We continue to see models step up the level of blocking in the high latitudes into early November, which, while not making things all that cold right here and now, increases the risk that some...