Natural gas futures pared day-earlier gains on Tuesday as weather forecasts for extreme cold in the coming weeks softened, moderating expectations for gas-fired heating demand. Natural gas for December delivery ended the day down 9.7 cents, or 2.2%, at $4.244 a million British thermal units on the New York Mercantile Exchange, giving back a fraction of Monday’s nearly 8% gain in its biggest rally since February. The market continued to exhibit outsize volatility, with analysts and traders saying weather outlooks were pitting traders with deeply held bullish and bearish views against each other in a battle for control of the market. “There’s a little bit of tug of war here–do we have enough gas in storage, or is this the beginning of a cold winter,” said Tom Saal, a broker at brokerage INTL FCStone. “There’s two extreme views here. It’s going to create volatility.” The pullback […]