Continued colder adjustments from the major weather models overnight saw natural gas futures extend their recent gains in early trading Tuesday. Coming off a 25.4-cent rally in the previous session, the March Nymex contract was up another 15.2 cents to $4.347/MMBtu at around 8:50 a.m. ET.

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Both the American and European weather models trended colder overnight to build on a recent chillier shift in the pattern, according to Bespoke Weather Services.

“The last week or so has proven to be very volatile in the land of weather modeling, as the big warm look indicated at the end of last week has been erased,” Bespoke said. The days at the end of the 15-day forecast “are near to slightly colder than normal, when the indication a few days ago was that those days were more likely to...