Tight domestic balances, strength in global prices and a tropical cyclone churning along the coast of Texas gave traders plenty to ponder early Tuesday as natural gas futures continued their ascent. After rallying 29.3 cents in the previous session, the October Nymex contract was up another 10.3 cents to $5.334/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

As of 8 a.m. ET Tuesday Tropical Storm Nicholas was about 15 miles south-southwest of Houston and moving “slowly” toward the city at about 8 mph, according to the National Hurricane Center (NHC).

“The storm should move more slowly to the northeast later today, and then turn eastward by Wednesday over Louisiana,” forecasters said. “Little motion is anticipated on Thursday.”

The NHC said it expected Nicholas to weaken as it moves...