Natural gas futures hovered close to even early Wednesday as traders continued to mull comparatively loose balances and mild spring-time weather-driven demand.

NGI Morning Natural Gas Price & Markets Coverage

The May Nymex contract was up 1.3 cents to $2.199/MMBtu at around 8:40 a.m. ET.

While the May contract finished in positive territory Tuesday, bulls still have plenty of work to do to prove that natural gas prices are forming a bottom, according to ICAP Technical Analysis.

“An up day, but as I noted coming into the week, we will need more from the bulls, and fast,” ICAP analyst Brian LaRose told clients following Tuesday’s session. “Will be watching intently, once again, to see if they can lift Henry Hub over low hanging resistance at $2.267-2.289-2.309-2.358. Succeed and the case for bottoming action will...