Natural gas futures pared their recent losses in early trading Wednesday as analysts pointed to generally minor adjustments to the forecast and the supply/demand balance. Coming off a 17.2-cent sell-off in the previous session, the May Nymex contract was up 7.5 cents to $5.405/MMBtu at around 8:50 a.m. ET. 

NGI Morning Natural Gas Price & Markets Coverage

In terms of both weather and underlying fundamentals, Bespoke Weather Services characterized the outlook for natural gas as neutral heading into Wednesday’s session. The American and European weather models were “mostly stable” day/day as of early Wednesday, the firm said.

Projected gas-weighted degree days for the 15-day period remained “a little on the below-normal side, though still no extremes are seen in the upcoming pattern, which is often needed to move the...