Natural gas futures advanced in early trading Tuesday, leading analysts to look to European price trends as the catalyst amid signs of a loosening supply/demand balance domestically. The November Nymex contract had surged 28.4 cents higher to $6.050/MMBtu as of around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The major weather models added a “very minor” amount of total degree days to the outlook overnight, NatGasWeather said in a note to clients early Tuesday. The firm pointed to further increases in Dutch Title Transfer Facility (TTF) prices as the likely catalyst for Henry Hub’s move higher in after hours trading.

“U.S. weather patterns in the coming 15 days remain quite bearish in the overnight weather data,” NatGasWeather said. “…Bigger picture, U.S. supplies have been increasingly bearish...