After finding technical support last week, natural gas futures advanced in early trading Monday as analysts pointed to signs of stronger balances. The May Nymex contract was up 5.7 cents to $2.583/MMBtu at around 8:50 a.m. ET. 

NGI Morning Natural Gas Price & Markets Coverage

The gains in futures prices early Monday occurred amid recent indications of a stronger supply/demand balance for natural gas, according to Bespoke Weather Services.

“Running our storage model over the weekend shows us that the last few” U.S. Energy Information Administration (EIA) prints “have definitely signaled an improvement in the supply/demand balance, which we feel is the reason we have moved up,” Bespoke said in a note to clients.

However, cash prices will need to strengthen further in order for prices to continue to advance, according...