With downward momentum appearing to slow in the previous session, natural gas futures were trading close to even early Tuesday, bolstered somewhat by a temporary dip in production volumes. The October Nymex contract was up 2.1 cents to $7.773/MMBtu as of around 8:40 a.m. ET.

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The front month dipped as low as $7.404 in Monday’s session but ultimately recovered to finish only 1.2 cents lower day/day. 

The recent price action marks a “short-term bullish technical pattern” that “suggests prices may test higher today, aligning with the peaking heat wave,” EBW Analytics Group analyst Eli Rubin said.

Still, the analyst pointed to a “relatively soft near-term fundamental outlook” for natural gas. Weather-driven demand is on track to decline by the start of October, and...