Weather-driven demand losses in the latest round of forecasts saw natural gas futures give back some of their recent gains in early trading Tuesday. Coming off a 32.9-cent rally in the previous session, the January Nymex contract was 4.3 cents to $4.017/MMBtu at around 8:50 a.m. ET. The February contract was down 5.5 cents to $3.887.

NGI Morning Natural Gas Price & Markets Coverage

Forecasters highlighted warming trends from the major weather models overnight, which followed milder trends from Monday’s data.

“Day after day, it seems we see warmer changes in the nearer term outlook, all while models show colder risks out in the medium range, and today is no exception,” Bespoke Weather Services told clients early Tuesday. “We had thought this trend might finally come to a halt, but the overnight runs again warmed, and at...