With supportive March cold now largely in the rearview mirror, natural gas futures continued to come under pressure in early trading Tuesday. Coming off an 11.5-cent sell-off in the previous session, the April Nymex contract was down 3.7 cents to $2.186/MMBtu at around 8:50 a.m. ET.

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The April contract could have further to fall before it rolls off the board, according to ICAP Technical Analysis.

“Would not rule out a test of $2.113, $2.069-2.038, $1.967, even fresh lows (in spot continuation terms) for the April contract ahead of expiration,” ICAP analyst Brian LaRose told clients following Monday’s session. 

“However, I am still quite skeptical of the bears’ ability to push the May contract beneath the $1.967 spot low put in place back in February,” LaRose added....