The NYMEX November natural gas futures contract continued to rally Friday morning and at 10:26 a.m. EDT (1426 GMT) was trading at $3.601/MMBtu, 7 cents above Thursday's $3.531/MMBtu close.
Phil Flynn, an analyst with PFGBest, said forecasts for cooler weather throughout much of the US are likely the main driver of the rally, but said the market may have seen a seasonal bottom earlier this week.
"I think traders are seeing this market as, maybe, a little oversold," he said.
In addition, Flynn said the contract could be seeing some profit taking ahead of the weekend and the impact of some positive economic indicators.
The contract was trading between $3.512/MMBtu and $3.625/MMBtu.
