With bulls ready to shake off an exceptionally mild close to 2023, natural gas futures surged early Thursday as forecasts advertised notably more frigid conditions into mid-January.

The February Nymex contract was up 15.7 cents to $2.825/MMBtu at around 8:40 a.m. ET. March was up 9.9 cents to $2.547.

Weather models trended colder overnight and showed a “frosty” outlook for the Jan. 13-17 time frame, according to NatGasWeather.

Based on updated forecasts, the next eight days were on track to deliver “near to slightly lighter than normal” demand for natural gas nationally even as weather systems were projected to bring rain and snow to the Lower 48, including a “well-hyped storm over the Northeast this weekend,” the firm said.

“Demand will still be better the...