The NYMEX October natural gas futures contract midday Wednesday traded back up above the $3/MMBtu mark on technical drivers, and as of 1:29 p.m. EDT (1729 GMT), it was at $3.045/MMBtu, 5.3 cents above Wednesday's close.
"It appears short-covering is a primary motivation for the rise," said Mike Fitzpatrick, an analyst with the Kilduff Report.
"The rise has been rapid, and it appears to be a corrective upward veer that may have already run its course," added Fitzpatrick.
The contract is bullish in the short and medium term, with an upside target of $3.21/MMBtu, said Updata analyst David Linton.
The contract has traded so far Wednesday in a range between $2.950/MMBtu and $3.055/MMBtu.
