An increase in projected demand from the European weather model overnight helped spark gains for natural gas futures in early trading Thursday. The February Nymex contract was up 6.5 cents to $2.487/MMBtu at around 8:45 a.m. ET.

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As of early Thursday, the European weather model had gained more than 15 heating degree days over the previous 24 hours, while the American Global Forecast System (GFS) model added less demand and maintained a more bearish outlook, according to NatGasWeather.

“National demand will ease to light levels this weekend through next week as the amount of subfreezing air over the U.S. wanes,” the firm said. “There will still be weather systems bringing rain and snow, but mainly over the West and at times the Plains and southern U.S. This is where the...