As the latest forecasts served up a temperature outlook that would do little to boost natural gas demand over the next two weeks, futures eased lower in early trading Monday. The May Nymex contract was down 2.3 cents to $2.707/MMBtu at around 8:45 a.m. ET.

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The May contract, set for expiration this week, has “shown considerable resilience” over the last two weeks, analysts at EBW Analytics Group wrote in a note to clients early Monday.

The front month has maintained “nearly all of its gains from two weeks ago despite weather forecasts calling for a major drop in demand for gas during the first half of May,” the analysts said.

In the near-term, physical prices at Henry Hub are likely to remain near the $2.70 level, which would limit any potential downside risk for...