Tight balances and weather maps blanketed in above-normal temperatures kept the heat on in the natural gas futures market heading into Wednesday’s session, with prices sharply higher in early trading. At around 8:50 a.m. ET, the August Nymex contract was up 10.1 cents to $3.731/MMBtu.

NGI Morning Natural Gas Price & Markets Coverage

The futures market is coming off an “exceptionally volatile” session in Tuesday’s trading, according to analysts at EBW Analytics Group.

The August contract broke through resistance at $3.63 early in the session on “extreme heat and strong spot market demand,” the analysts said.

The front month then went on to break through resistance levels at $3.66 and $3.72, driven by a combination of “short-covering and programmed trading. Program traders then stepped in even harder, driving...