Amid a continued lack of early winter heating demand in the latest forecasts, natural gas futures reversed lower in early trading Wednesday. After rallying 41.4 cents in the previous session, the November Nymex contract was down 25.8 cents to $5.355/MMBtu at around 8:40 a.m. ET. December was off 32.9 cents to $5.837.

NGI Morning Natural Gas Price & Markets Coverage

With forecasts showing a dearth of heating demand, price gains to start the week appeared to result from “technically oversold conditions” in the wake of extensive selling last week, according to NatGasWeather.

Overnight forecast trends were mixed, including cooler trends from the American model, countered by warmer trends in the European dataset, the firm said.

“No major changes, with light national demand the next five days, then very light demand next...