With supply concerns continuing to bolster the bullish case amid some volatile back-and-forth swings, natural gas futures were trading higher early Friday. At around 8:45 a.m. ET, the June Nymex contract was trading around $6.948/MMBtu, up 6.0 cents from the previous settlement.

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Thursday’s session saw the June contract “rapidly” give back gains recorded during the expiration of the May contract earlier in the week, EBW Analytics Group senior analyst Eli Rubin observed.

“The most likely scenario continues to suggest consolidation of the early April rally, with normalizing weather into mid-May allowing soft shoulder season fundamentals to make inroads on the substantial 305 Bcf storage deficit versus the five-year average average,” Rubin said.

Short-term price moves...