Natural gas futures held onto last week’s huge gains in early trading Monday as analysts highlighted a tightening fundamental outlook to close out the injection season.

NGI Morning Natural Gas Price & Markets Coverage

The November Nymex contract was up 3.5 cents to $3.373/MMBtu at around 8:40 a.m. ET.

The front month is coming off rallies of 20.4 cents and 17.2 cents over the previous two sessions, a run higher that was catalyzed by last week’s bullish miss in the U.S. Energy Information Administration storage report.

“A key driving force behind this price surge is the state of storage as we approach the winter months,” analysts at Gelber & Associates said late last week. Despite forecasts indicating milder-than-normal conditions for November, December and January, “the market remains apprehensive. Recent misses...