Plummeting natural gas futures continued to come under pressure in early trading Tuesday as the latest forecasts further weakened December heating demand expectations. The January Nymex contract was down 10.4 cents to $5.473/MMBtu at around 8:45 a.m. ET, adding to a 70.4-cent sell-off in the previous session.

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Fading weather-driven demand in the latest forecasts had the free-falling January contract in search of support in early trading Tuesday, according to EBW Analytics Group analyst Eli Rubin.

“In the immediate term, the January contract will search for key support to stop the bleeding,” Rubin said. “Key technical support is likely near $5.38-5.40 and, if it holds, could trigger a notable near-term rebound as shorts take profits. If support cracks, however, substantial...