Belying volatile after-hours price action, natural gas futures were trading a few cents lower early Monday as analysts observed bearish short-term trends in weather-driven demand and production. The June Nymex contract was down 7.2 cents to $7.971/MMBtu at around 8:50 a.m. ET.

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Recent price action has been marked by “unsettling volatility,” according to EBW Analytics Group senior analyst Eli Rubin.

“The June natural gas contract high/low trading range averaged 72.2 cents per session last week,” Rubin said, noting that prices had already covered a comparably wide range of close to 50 cents as of early Monday. “Technically, Friday’s peak at $8.996 may mark a short-term top, with signals suggestive of a drop towards $7.50 within the next few days.”

Friday’s...