Natural gas futures gave back some of their recent gains in early trading Wednesday as a largely weak weather-driven demand outlook continued to keep the pressure on prices. The March Nymex contract was off 5.5 cents to $2.529/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The American and European weather models made only small adjustments to projected degree day totals overnight, according to NatGasWeather.

Forecasts continued to point to “very light demand” over the next three days, followed by a “modest bump in national demand” associated with a system tracking through the central United States later this week before moving into the East this weekend, NatGasWeather said.

“However, warm high pressure is favored to return over the eastern two-thirds of the U.S. next week with...