Natural gas futures continued to probe higher in early trading Tuesday, as a bullish case for pricing later this year was seen outweighing any bearish near-term fundamental developments. The May Nymex contract was up 8.6 cents to $6.729/MMBtu at around 8:55 a.m. ET.

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Recent price action as of early Tuesday reflected a bullish longer-term outlook that was “overpowering” any bearishness from near-term fundamentals, according to EBW Analytics Group senior analyst Eli Rubin.

“While the Nymex front month set a 14-year high yesterday, gains at the front of the curve continue to underperform mid-summer and winter contracts,” Rubin said. “The January 2023 contract cleared psychological resistance at $7.00 to close out at $7.117 yesterday.”

On the other hand, nearer-term...