Natural gas futures climbed in early trading Monday as analysts pointed to profit-taking following recent selling, while forecasts hinted at a return to chillier conditions for the Lower 48 later this month.

NGI Morning Natural Gas Price & Markets Coverage

The February Nymex contract was up 15.0 cents to $3.860/MMBtu at around 8:45 a.m. ET.

EBW Analytics Group analyst Eli Rubin characterized the gains early Monday as “overdue profit-taking” among traders holding short positions.

The February contract has plunged sharply since mid-December, and a “sizable technical rebound is possible,” Rubin said. “Recent attempts to rally, however, reached only 18-20 cents on a close-to-close basis before succumbing to renewed selling.

“Notwithstanding the short-term uptick, the fundamental outlook remains bearish on a...