With forecasts stubbornly withholding impressive summer heat, natural gas futures failed to build on last week’s momentum in early trading Monday.

NGI Morning Natural Gas Price & Markets Coverage

The June Nymex contract was down 7.9 cents to $2.506/MMBtu at around 8:45 a.m. ET.

Futures rallied last week on signs of weakening supply, with bullish sentiment helped along by a tighter-than-expected Energy Information Administration storage report. The bullish storage print helped spark a short squeeze, according to EBW Analytics Group analyst Eli Rubin.

“After having reached as high as $2.685 Friday, the June contract has already returned 16 cents by this morning,” Rubin said. “…The impending monthly contract rollover after last week’s short squeeze and before Memorial Day weekend will define the near-term picture for...