On October 17, the U.S. Energy Information Administration (EIA) released its latest Weekly Natural Gas Storage Report. The report showed that working natural gas reserves increased by 7.6 billion cubic feet (Bcf) as of last week, slightly below market analysts' expectations of 7.8 Bcf. The previous week, natural gas reserves increased by 8.2 Bcf.

Current reserve levels are 10.7 Bcf above the same period last year and 16.3 Bcf above the average for the same period over the past five years.

With the release of the report came an increase in natural gas prices. Considering that the average increment over the same five-year period is 8.9 Bcf, this week's actual increment was below the five-year average and below analysts' forecasts, which provided favorable support for natural gas prices.

Market traders will also be watching the weather forecast, which in the short term suggests natural gas demand will remain strong. However, long-term weather forecasts are slightly more pessimistic as they indicate that the weather may turn warmer in the future, potentially weakening energy demand.

From a technical perspective, natural gas prices are trying to rebound from the strong pullback triggered by the effects of Hurricane Milton. Currently, natural gas prices are attempting to regain their footing above the $2.40 to $2.45 range. If this attempt is successful, natural gas prices could head towards the next resistance level in the $2.60 to $2.65 range.