Natural gas futures were up early as traders digested modest shifts in fundamental data at the onset of Wednesday’s session. Forecasts showed a slight tilt toward cooler northern weather for the second half of June, but estimates pegged production lighter for a second consecutive day.

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Coming off a 7.4-cent gain the prior session, the July Nymex gas futures contract was up 4.4 cents at $2.384/MMBtu at around 8:30 a.m. ET on Wednesday.

“The weather data has been bouncing between warmer and cooler trends the past several days, and on cue, after hotter trends last night, the latest overnight weather data reversed a little cooler,” NatGasWeather said Wednesday morning.

Both the European and American weather models shed a few cooling degree days, the forecaster...