Natural gas futures rallied early Wednesday as weather models trended somewhat colder overnight and as forecasters monitored potential for chillier conditions to develop late this month. The January Nymex contract was up 13.1 cents to $3.878/MMBtu at around 8:50 a.m. ET.

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Models overnight trended colder compared to Tuesday’s midday runs, which appeared to be driving pricing sentiment early Wednesday, according to Bespoke Weather Services.

“We do still see a material change in pattern after this week, not to colder than normal on the national level, but closer to normal, with cold bleeding into the northern U.S.,” Bespoke said. “…The pattern type does still pose some colder risks as we end the month and head into early January, in our view, especially in the northern half...