A combination of technical momentum and colder adjustments to a still-mild weather outlook helped natural gas futures recover in early trading Wednesday, building on a strong finish to the previous session. 

NGI Morning Natural Gas Price & Markets Coverage

The February Nymex contract was up 7.4 cents to $2.524/MMBtu at around 8:30 a.m. ET. March was up 4.6 cents to $2.213.

The front month dipped as low as $2.325 Tuesday before recovering to settle at $2.450, up 3.1 cents day/day. Contracts further along the strip saw larger gains.

The rebound in prices Tuesday “appeared to be driven by a strong bid in longer-dated tenors, which had been plagued by the broader market sell-off when weather forecasts abruptly flipped to record-setting mild weather,” analysts at Mobius Risk Group said. 

Colder revisions in midday weather...