With the natural gas market still waiting for more impressive cooling demand to show up in forecasts, futures probed lower in early trading Tuesday. The June Nymex contract was down 3.7 cents to $2.895/MMBtu at around 8:50 a.m. ET.

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Technical support around $2.900 held for the June contract in Monday’s trading, but this support level “could remain under fire” in Tuesday’s session, according to analysts at EBW Analytics Group.

This comes as recent forecasts have lowered cooling degree day (CDD) expectations for mid to late May, which could “further detract from optimism for a hot start to summer and add to downward pressure on natural gas,” the EBW analysts said. “If support near $2.90 holds against today, program trading could still lead to renewed tests of...