Natural gas futures softened in early trading Monday as weekend shifts in forecasts failed to deliver the kind of intense winter cold needed to catalyze the market. The December Nymex contract was off 9.7 cents to $5.419/MMBtu at around 8:40 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Over the weekend, trends in the major weather models yielded a “pretty inconsequential” increase in gas-weighted degree day expectations, leaving the natural gas market waiting for more impressive cold to develop, Bespoke Weather Services told clients early Monday.

“The modeling still advertises a return to a blocky pattern, one which could deliver some cold as we head into late month, but we have seen this modeled for a while now with no material gains in demand showing up,” Bespoke said. “It is unclear if there is simply...