Natural gas futures reversed lower in early trading Wednesday as updated forecasts reduced the amount of cold expected for the Lower 48 during the final week of January. After rallying 16.7 cents in the previous session, the February Nymex contract was off 13.6 cents to $3.450/MMBtu at around 8:40 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Both the American and European weather models advertised warmer trends overnight for the final week of January, according to NatGasWeather.

“Overnight data maintains very light national demand the next three days, light this weekend into the start of next week, but still strong demand Jan. 26-31,” NatGasWeather said. However, the outlook in the latest model runs was “simply not as impressive with the amount of cold into the U.S. and also not as aggressive in advancing...