A colder shift in forecasts over the weekend, including increasing potential for a chillier pattern into the middle of next month, saw natural gas futures rebound in early trading Monday. The February Nymex contract was up 8.7 cents to $2.533/MMBtu at around 8:40 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Analysts at EBW Analytics Group attributed the early morning price gains to a “rebound” in projected gas-weighted heating demand from both the European and American weather models over the weekend.

“Further, a more variable pattern emerged, with alternating shots of colder and milder air,” the EBW analysts said. “The cold shots are forecast to be colder than last week, though, and the milder periods are not nearly as warm.

“Model uncertainty remains high, dictating a cautious approach to the...