Natural gas futures rebounded in early trading Tuesday as the latest forecasts teased the possibility of a return to colder temperatures and higher heating demand later this month. The December Nymex contract was up 15.6 cents to $5.342/MMBtu at around 8:45 a.m. ET.

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The latest 15-day forecast from Bespoke Weather Services trended warmer overall in terms of total projected gas-weighted degree days, but this “does not tell the full story,” according to the firm.

“We see changes around the middle of the month in the projected pattern that suggest there is risk to move back colder down the road, as a new eastern U.S. trough arrives on the scene underneath a redeveloping block in the North Atlantic,” Bespoke said. “While we have discussed the possibility of colder...