The NYMEX December natural gas futures contract reached a two-week high overnight Monday, but at of 8:41 a.m. EST (1341 GMT) was trading at $3.526/MMBtu, 1.6 cents below Friday's $3.542/MMBtu settlement.
The contract climbed 8.2 cents on Friday and 4.5 cents on Wednesday, gains energy research firm Cameron Hanover said were likely the result of short-covering ahead of the extended US Thanksgiving holiday weekend.
The contract will expire Monday.
"No one wants to get left doing clean-up or being the last one off the plane," the firm said, adding that in the natural gas futures market this year "no one wants to be caught long or short knowing how sharply quotes can and do move the other way."
Overnight Monday, the contract climbed to a two-week high of $3.580/MMBtu in heavy volume, according to TFS Energy Futures.
"Forecasts for the first half of December are indicating near normal temperatures across the eastern half of the country with the exception of the part of the Southeast which is expected to moderate into above normal temperatures in the 11-to-15 day forecast period," according to TFS.
The contract was trading between $3.514/MMBtu and $3.580/MMBtu in electronic trading.
