In the aftermath of last week’s heavy sell-off, natural gas futures were trading lower early Tuesday as forecasts shed cooling demand over the weekend. The August Nymex contract was off 35.5 cents to $5.375/MMBtu as of around 8:45 a.m. ET.

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The outlook for the natural gas market was “surprisingly stable” over the extended Fourth of July holiday weekend as strength in liquefied natural gas feed gas demand helped counter “minimal bearish weather shifts,” EBW Analytics Group Senior analyst Eli Rubin told clients early Tuesday.

Strong cooling demand this week could provide support for prices in the physical market in the near-term, Rubin noted. 

“The locus of heat shifting westward and northward, however, appears to have lessened cooling demand risks for mid-to-late...