Continued bearishness in the weather-driven demand outlook saw natural gas futures reverse lower in early trading Wednesday. After rallying 9.9 cents in the previous session, the November Nymex contract was back under the $5 mark at around 8:45 a.m. ET, down 11.3 cents to $4.975/MMBtu.

NGI Morning Natural Gas Price & Markets Coverage

Prices in Tuesday’s session were able to “bounce higher…off a solid technical support level” but were back lower early Wednesday, Bespoke Weather Services noted. Higher production and lower liquefied natural gas export volumes gave the latest natural gas balance data a “bearish tilt” as of early Wednesday, according to the firm.

Thursday’s U.S. Energy Information Administration (EIA) storage report will offer up “the next key data point to ponder, with our estimate coming in right at...