Natural gas futures trimmed their recent gains in early trading Wednesday as a comfortable domestic supply picture to close out the injection season curbed upside for prices.

NGI Morning Natural Gas Price & Markets Coverage

The November Nymex contract was off 1.4 cents to $3.368/MMBtu at around 8:40 a.m. ET.

The front month in Tuesday’s session reached an intraday high of $3.449, shy of the $3.471 high from a day earlier, EBW Analytics Group analyst Eli Rubin observed.

“The highs are within pennies of the early-August short squeeze-driven peak of $3.485 for the November contract and are a key technical inflection point for Nymex futures,” Rubin said.

With domestic production near record levels and storage inventories sitting above the five-year average, supply adequacy fears are muted as the heating season...