Natural gas futures eased lower in early trading Wednesday as the market continued to price in the impact of a colder late February pattern, though forecasts cast doubts on whether the chilly temperatures will extend into early March.

NGI Morning Natural Gas Price & Markets Coverage

The March Nymex contract was down 4.6 cents to $2.521/MMBtu at around 8:50 a.m. ET.

Futures have continued to hold above a band of technical support at $2.364-2.341-2.326, ICAP Technical Analysis observed.

“Still watching to see if the bulls can find their footing here,” ICAP analyst Brian LaRose told clients following Tuesday’s rally. Bulls still need to “try to better the 22-day, 200-week and 50-day moving averages.

“Should the slide resume, still peg $2.156 and $2.000 as the next downside objectives. Note: I am inclined to treat...