1027 ET - U.S. natural gas futures are lower with the market giving back most of the previous day's gains. Much of yesterday's rise was likely technically driven as the November contract bounced off the 20-day moving average at $3.10/mmBtu, Eli Rubin of EBW Analytics says in a note. A brief cold front expected in the Northeast at the weekend offers immediate-term physical upside, he says. "Gas prices may continue to test higher short term, but bearish long-term fundamentals in the most likely scenario are little changed." Nymex natural gas is off 3.1% at $3.182/mmBtu.
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