After rallying sharply to start the week, natural gas futures were trading close to even early Thursday as the market continued to monitor the prospects of a return to hotter temperatures early next month. 

NGI Morning Natural Gas Price & Markets Coverage

Coming off a 66.1-cent rally in the previous session, the June Nymex contract was up 0.9 cents to $8.753/MMBtu at around 8:55 a.m. ET. July was down 1.3 cents to $8.814.

Monday’s rally demonstrated that given a “bullish fundamental environment and a price-inelastic market” Nymex futures “can surge any time with no warning,” EBW Analytics Group analyst Eli Rubin said. 

“Amplified volatility remains likely ahead of options expiration and final settlement tomorrow and Thursday,” Rubin added. “Yesterday’s breakout establishes a bullish technical outlook...