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 filings.

“The move higher poses more near-term upside risks for gas leading into February options expiration and final settlement on Thursday and Friday,” Rubin said. “February freeze-off fears — already likely in the Bakken and the Rockies — may grow if deep cold expands.”

Still, the analyst predicted renewed downward pressure on prices once forecasts in the 11- to 15-day window allow the market to “see through the end of the cold spell.”

Updated forecast maps from Maxar’s Weather Desk early Tuesday showed below-normal temperatures blanketing much of the Lower 48 in the six- to 10-day and 11- to 15-day periods.

For the 11- to 15-day window, models trended colder over the prior 24 hours, according to the forecaster. The pattern would deliver “belows into the South during the mid-period and much to strong belows in the Rockies, Plains, Midwest and at times in the East.”

In the six- to 10-day, Maxar called for an “amplified pattern” featuring a “trough over the West and ridge over the East Coast. The trough over the West is associated with below normal temperatures, including much belows in the Interior West and strong belows in parts of the Rockies, Plains and western Midwest.”

Low temperatures could drop below zero in Denver around days seven to 10, with Chicago expected to see lows in the single digits and highs in the teens, according to Maxar.

“Above normal temperatures are in the East for most of the period, including much aboves in the Southeast on day nine,” Maxar said.

Meanwhile, from a technical standpoint, based on Monday’s price action the natural gas market seems to have “suddenly lost its downside momentum” and could be bottoming, according to ICAP Technical Analysis analyst Walter Zimmermann.

“Unless natural gas can get its downside momentum back by Friday the risk is a spectacular short covering rally,” Zimmermann said. “If the long liquidation has ended, watch out. Natty is cheap fundamentally and technically.”