Natural gas futures continued to rocket higher in early trading Wednesday as forecasts advertised potential record early-season heat regionally, exacerbating supply concerns. Coming off a 47.9-cent rally in the previous session, the June Nymex contract was up another 46.8 cents to $8.422/MMBtu at around 8:50 a.m. ET.

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Prices as of early Wednesday had advanced beyond $8.197, a key resistance level pegged by ICAP Technical Analysis. Bulls had tried and failed to break through this barrier in Tuesday’s session, ICAP analyst Brian LaRose observed.

“That said, it looks more like they ran out of time rather than steam,” LaRose said. “Still peg $8.509-8.535-8.606 as our next and nearest objective if that proves to be the case.”

In terms of fundamental indicators, updated...