Continued mild temperatures in the outlook had natural gas futures trading lower to test technical support early Tuesday. The July Nymex contract was down 7.1 cents to $2.346/MMBtu at around 8:45 a.m. ET. 

NGI Morning Natural Gas Price & Markets Coverage

The June Nymex contract expired Friday at $2.181, down 12.6 cents on the day. Prices were weighed down by sub-$2 physical prices at Henry Hub over the Memorial Day weekend, EBW Analytics Group analyst Eli Rubin said.

“Near-term technicals remain bearish and suggest a deeper test of support is possible,” Rubin said.

According to ICAP Technical Analysis, bulls are “running out of room fast” to prevent prices on the July contract from experiencing a deeper plunge.

“If they want to prevent Henry Hub from revisiting the $2 neighborhood, they will have to keep...