Helped along by colder trends in the forecast for later this month, natural gas futures advanced in early trading Tuesday as analysts saw potential for a modest rebound in prices in the wake of relentless selling.

NGI Morning Natural Gas Price & Markets Coverage

After eking out a 4.7 cent gain in the previous session, the March Nymex contract was up 7.1 cents to $2.528/MMBtu at around 8:45 a.m. ET.

The March contract ultimately finished higher in Monday’s session after testing support at $2.365, according to EBW Analytics Group analyst Eli Rubin.

“If technical support can hold, a muted short-term relief rally appears possible,” Rubin said.

According to ICAP Technical Analysis, bulls still have plenty to do to stem the tide and prevent further price declines.

“A green candlestick, but not nearly enough to get...