Natural gas futures were trading both sides of even early Wednesday as analysts cautioned to expect volatility ahead following an extraordinary run higher for prices. 

NGI Morning Natural Gas Price & Markets Coverage

Coming off a steep 64.4-cent sell-off in the previous session, the May Nymex contract was down 4.2 cents to $7.134/MMBtu at around 8:50 a.m. ET. Roughly a half hour earlier, the front month was trading up near $7.400.

From a technical standpoint, it’s possible Tuesday’s sell-off represented a “well-deserved rest stop” after the recent move higher, or it could signify bulls ceding control, according to ICAP Technical Analysis analyst Brian LaRose.

“It will not take much to confirm the latter, just need $7 decisively broken in both the May and June contracts,” LaRose said. “Should the bears complete...