A cooler shift in the weather outlook overnight, coupled with indications of a tightening supply/demand as winter approaches, had natural gas futures charging higher in early trading Wednesday. The November Nymex contract was up 11.5 cents to $3.028/MMBtu at around 8:40 a.m. ET.

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NatGasWeather attributed the gains early Wednesday to a combination of a strengthening outlook for liquefied natural gas (LNG) exports and colder trends in the overnight weather data.

Both the European and American models added to projected heating degree day totals for the period starting Sunday and continuing through Nov. 1; this comes as the background state looks “increasingly bullish” amid a tightening supply/demand balance, the forecaster said.

“The background state will be even more...