Natural gas futures continued to grind lower in early trading Tuesday, weighed down by warmer-trending late-season forecast maps. The expiring April Nymex contract was down 4.0 cents to $2.048/MMBtu at around 8:40 a.m. ET. May was off 3.5 cents to $2.180.

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After falling below support at $2.12, the April contract is poised to continue drifting toward $2, according to EBW Analytics Group analyst Eli Rubin.

“Further declines at the front of the curve cannot be ruled out,” the analyst said in a note to clients Tuesday.

Options expiration is likely to dominate price action Tuesday and sets up a “wide range of potential outcomes,” according to the analyst. “Bearish influences, however, suggest testing south of $2 is possible within the next two days.”

From there,...