Natural gas futures continued to rally in early trading Tuesday as analysts pointed to technicals and the looming front month contract expiration as key factors influencing prices in the near term. 

NGI Morning Natural Gas Price & Markets Coverage

Coming off a 24.0-cent rally in the previous session, the November Nymex contract was up 19.7 cents to $5.396/MMBtu at around 8:50 a.m. ET. December was up 22.1 cents to $5.974.

Natural gas prices had been falling at an “unsustainable” pace prior to Monday’s rally, according to ICAP Technical Analysis.

“So, is this bounce nothing more than minor relief for a short term overextended condition?” ICAP analyst Brian LaRose said. “For now, that is how we will be treating any sideways to higher price action.”

In order to “force a reassessment of our thinking,” the...