Continuing to struggle under the weight of excess supply exiting the heating season, natural gas futures fell in early trading Monday.

NGI Morning Natural Gas Price & Markets Coverage

The April Nymex contract, set to expire Tuesday, was off 3.5 cents to $1.624/MMBtu at around 8:40 a.m. ET. May was down 3.5 cents to $1.777.

With weak physical prices at Henry Hub this month, and with natural gas demand expected to decline in April, EBW Analytics Group analyst Eli Rubin said the firm is “wary of downside risks into the monthly contract rollover.”

In Friday’s trading, Henry Hub averaged $1.530 for weekend and Monday delivery, losing 1.5 cents day/day, according to NGI’s Daily Gas Price Index.

Daily heating demand is poised to fall over the next week or so, Rubin said. This comes as the outlook for LNG export demand...