Natural gas futures traded close to even early Tuesday as traders mulled returning export volumes and signs of moderating Texas heat, while volatility risks from the front month contract expiration loomed. 

NGI Morning Natural Gas Price & Markets Coverage

The July Nymex contract was up a fraction of a penny to $2.792/MMBtu at around 8:40 a.m. ET. August was off 1.7 cents to $2.875.

Monday’s July intraday peak of $2.816 matched the “top from May’s short squeeze-fueled run higher,” EBW Analytics Group analyst Eli Rubin observed. 

Whether prices continue to push higher “remains to be seen,” though signs of returning volumes flowing to the Sabine Pass LNG terminal, stronger physical prices at Henry Hub and bullish technical factors could support such a move, according to the analyst.

“Still, the Texas heat wave...