Natural gas futures rallied sharply early Thursday as analysts pointed to stronger overseas prices and a less bearish domestic weather outlook. The November Nymex contract was up 20.9 cents to $5.799/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

In terms of recent weather model runs, EBW Analytics Group analysts early Thursday observed an additional 8.4 Bcf of expected demand over the previous 24 hours resulting from cooler conditions forecast for late October. This has “diminished impacts of recent mild weather,” according to the firm.

“Global natural gas prices are strengthening…as traders grow increasingly restless awaiting signs of more Russian natural gas supply, which may not be coming until the end of the month,” the EBW analysts said.

NatGasWeather characterized the latest...