After flirting with the $8 mark to start the week, natural gas futures pared their gains in early trading Tuesday as analysts observed overbought conditions following an extraordinary run higher in recent weeks. 

NGI Morning Natural Gas Price & Markets Coverage

Coming off a 52.0-cent rally in the previous session, the May Nymex contract was down 33.5 cents to $7.485/MMBtu at around 8:50 a.m. ET.

The pull back in futures occurred after the front month probed above $8.00, reaching as high as $8.065 in Monday’s session, EBW Analytics Group senior analyst Eli Rubin observed.

“Although the retreat implies growing exhaustion, we caution that similar recent technical indications have proven hiccups on the path higher,” Rubin said.

From a technical standpoint, unless bears can force prices lower there’s little standing...