As updated forecasts failed to offer clear signs of more cold developing later this month, natural gas futures reversed lower in early trading. The December Nymex contract was down 12.3 cents to $5.593/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Overnight runs in the weather models showed no changes to gas-weighted degree day expectations over the next 15 days, according to Bespoke Weather Services. 

Models did, however, trend “less favorable for cold in the back of the forecast versus yesterday, but are far from a pattern look that would suggest game over for colder risks,” Bespoke said. 

“We know price action at this point in the year will be driven by the weather changers, mostly, but the pattern remains very noncommittal, exhibiting variability with no clear lean in the medium...