As overnight weather data shifted warmer, and as traders mulled the implications of an export ban out of Texas, natural gas futures pulled back a few cents in early trading Thursday. The March Nymex contract was down 4.3 cents to $3.176/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The major weather models trended warmer overnight, lowering demand projections for late February through the first two days of March, according to NatGasWeather.

“Overall, the overnight data maintained strong demand through Sunday, then easing to moderate levels next week as the frigid Arctic cold pool retreats into northern Canada,” NatGasWeather said. “A warm ridge will span from Texas to New York City next week through March 2, with comfortable highs of 50s to 70s” resulting in weaker national demand for...