Front month natural gas futures were trading just shy of even early Tuesday as frigid forecasts continued to offer support. After rallying 27.3 cents in the previous session, the February Nymex contract was down 1.8 cents to $3.429/MMBtu at around 8:45 a.m. ET. March was off 4.8 cents to $3.174.

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The February contract managed to hold on to early gains to finish higher in Monday’s session, helped in part by forecast early February cold, EBW Analytics Group analyst Eli Rubin observed.

The latest developments surrounding the Freeport LNG terminal also “appeared to minimize risks of extremely bearish restart scenarios,” Rubin said.

Freeport LNG Development LP has formally asked federal regulators to allow preliminary work to restart the 2.38 Bcf/d terminal, according to FERC...