In another show of volatility, natural gas futures pared their recent gains in early trading Wednesday, slashing double digits off of the previous session’s rally as analysts continued to note an exceptionally mild October forecast. After soaring 54.6 cents higher in Tuesday’s session, the November Nymex contract was down 17.7 cents to $6.135/MMBtu at around 8:45 a.m. ET.

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Even with Tuesday’s massive rally, prices fell short of piercing key technical resistance, according to ICAP Technical Analysis analyst Brian LaRose.

“Needed the $6.535 level breached to have confidence in an upside breakout,” LaRose said in a note to clients. “Bulls could not get the job done. So caution is warranted as the bears could still spoil the party. If the bulls can promptly better $6.535...