Natural gas futures trimmed their recent gains early Wednesday as the market assessed the lingering balance implications of robust summer heat, albeit with more comfortable shoulder season conditions ahead. 

NGI Morning Natural Gas Price & Markets Coverage

The October Nymex contract was off 0.8 cents to $2.735/MMBtu at around 8:45 a.m. ET.

The October contract is coming off a 13.5-cent rally in Tuesday’s session, which coincided with a dip in production estimates. The weaker production readings continued in Wednesday’s estimate from Wood Mackenzie, which showed output at 100.4 Bcf/d, down from 102.6 Bcf/d on Monday.

Still, the extent of Tuesday’s rally seemed to resist an obvious explanation.

“After a relatively stable move upwards earlier in the morning, the October front-month contract saw a rapid move upwards...