Coming off heavy losses in the previous session, natural gas futures rebounded in early trading Thursday, though analysts predicted continued downward pressure for prices. After tumbling 40.3 cents in Wednesday’s trading, the November Nymex contract had recovered 13.5 cents to reach $5.612/MMBtu as of around 8:45 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Analysts at EBW Analytics Group characterized the gains early Thursday as an attempt to “rally off lows” but cautioned that “technicals and fundamentals indicate bearish momentum is likely to continue.”

The analysts pointed to a “weak” fundamental outlook that included overnight degree day losses and below-normal heating demand for the first two weeks of October.

“Non-weather-driven fundamentals could be firming, though,” the EBW analysts...