Natural gas futures continued to climb early Tuesday as the market assessed early season risks ahead of the arrival of winter heating, though there were signs that the recent rally was losing steam.

NGI Morning Natural Gas Price & Markets Coverage

The November Nymex contract was up 3.8 cents to $3.414/MMBtu at around 8:40 a.m. ET.

The November contract on Monday finished well off the $3.471 intraday high, but amid recent strengthening in weather-driven demand expectations a “retest of resistance is increasingly likely,” EBW Analytics Group analyst Eli Rubin told clients early Tuesday.

Forecaster DTN recently advertised the potential for “late-October chill,” and there have been “bigger weather-driven demand gains from other vendors,” according to the analyst.

On the other hand, bullish momentum from last week...