After surging higher last week, natural gas futures pulled back in early trading Tuesday as analysts continued to mull ongoing impacts to both demand and supply from Hurricane Ida. The October Nymex contract was down 6.7 cents to $4.645/MMBtu as of 8:45 a.m. ET.

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Looking at the latest supply and demand data points early Tuesday, Bespoke Weather Services noted some production returning to the market, bringing Lower 48 supply back to 91 Bcf/d.

“The bearish component comes via what looks like more of a loss in industrial demand thanks to the impact of Hurricane Ida, which is boosting estimates for this week’s” Energy Information Administration (EIA) storage report, Bespoke said. “Intuitively, one would think this is a short-term issue, as other components of the...