Forecasts Seen Less Bearish as Natural Gas Futures Extend Gains Early

Boosted by a colder look to forecasts for early December, natural gas futures extended their recent gains in early trading Tuesday. The December Nymex contract was up 5.5 cents to $2.766/MMBtu at around 8:40 a.m. ET. January was up 6.3 cents to $2.886.

After “not being quite as bearish” in Monday’s runs, the weather data overnight maintained recent colder trends for the first few days of December, showing systems impacting both northern and southern portions of the country, according to NatGasWeather.

“Thereafter is where” the Global Forecast System “trended back milder overnight by seeing a bearish overall pattern Dec. 4-8, while the European model isn’t quite as warm by favoring stronger weather systems over the southern U.S.,” the firm said.

Also impacting...