As forecasts over the weekend lowered heating demand expectations into early April, natural gas futures fell in early trading Monday. After picking up 5.4 cents on Friday, the April Nymex contract was down 3.1 cents to $2.504/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Throughout last week, the April contract “repeatedly” tested support between $2.42 and $2.48, analysts at EBW Analytics Group observed. However, bulls managed to hold their ground and even push prices back above a key support target at $2.52 in Friday’s session.

“This resilience is likely to be tested again this week,” the EBW analysts said. “Over the weekend, the forecast for late March and April continued to lose ground” by lowering heating demand expectations and dropping an estimated 15.5 Bcf/d of gas demand...