Natural gas prices are inching back from a nearly three-week rally as investors cash out and insure themselves against a potentially larger retreat. Natural gas for June delivery fell 0.8 cent, or 0.3%, to $3.00 a million British thermal units on the New York Mercantile Exchange. Gas is still just barely in bull-market territory, up more than 20% since April 27 after prices surged to a nearly four-month high Thursday. That has led many investors to pull back Friday, analysts said. Many don’t think that gas has rebalanced from rampant oversupply and that the recent rally is overcooked. Several money managers said they have started selling recently to try to get out at the top of the market. “Prices are overvalued and are currently becoming more susceptible to a downside correction,” Dominick Chirichella, analyst at the Energy Management Institute said in a note. Thursday’s surge came […]