Natural gas prices hovered in a narrow range of gains and losses early Wednesday as traders mulled strong demand for U.S. liquefied natural gas (LNG) exports against weakened weather outlooks. But futures held firmly into the green in the afternoon as analysts rolled out forecasts for a substantial withdrawal with Thursday’s government storage report.

The February Nymex gas futures contract ultimately settled at $2.716/MMBtu, up 1.4 cents day/day. The prompt month has finished in positive territory each day of 2021 to date. March rose 1.1 cents to $2.684.

NGI’s Spot Gas National Avg., meanwhile, declined 1.0 cent to $2.700.

Mid-range weather outlooks weighed on trading early, as overnight both the European and American weather models shed several heating degree days (HDD)...