Natural gas futures retreated in early trading Monday as the market weighed signs of a return to action for the long-idled Freeport LNG export terminal against loose balances driven by mild winter weather.

NGI Morning Natural Gas Price & Markets Coverage

The March Nymex contract was down 6.9 cents to $2.445/MMBtu at around 8:50 a.m. ET.

In the wake of relentless selling this winter, the March contract last week managed to post an overall weekly gain, “overcoming the erosion of weather-driven demand,” according to EBW Analytics Group analyst Eli Rubin.

Lending support to prices has been “constructive Freeport LNG indicators and supportive technicals,” Rubin said. However, futures might struggle to “repeat the same trick this week.”

Forecaster DTN observed hefty degree day losses over the weekend, focused in...