Natural gas futures were virtually unchanged in early trading Monday, holding onto recent gains as updated forecasts eased off somewhat on expected heat over the next two weeks. The July Nymex contract was up 0.8 cents to $3.304/MMBtu at around 8:45 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The July contract is coming off a roaring 14.7-cent rally in Friday’s session. Supply concerns associated with potentially prolonged restrictions on the Texas Eastern Transmission Co. (Tetco) system catalyzed the run higher.

“We believe the market may still be underestimating the impact of the anomaly discovered on Tetco’s 30-inch pipeline,” analysts at EBW Analytics Group said in a note to clients early Monday. This would especially be the case “if it is found to extend into other segments of the line or takes...