On April 11th, the U.S. Energy Information Administration (EIA) released its weekly natural gas inventory report. The report revealed that compared to the previous week, there was an increase of 2.4 billion cubic feet in the available natural gas in storage. This exceeded analysts' expectations of a 1.4 billion cubic feet increase in available natural gas in storage.

Currently, the inventory level is 4.35 billion cubic feet higher than the same period last year, surpassing the five-year average by 6.33 billion cubic feet. Weak demand continues to be a major concern in the natural gas market. Despite production cuts in the current supply-demand balance, there hasn't been a significant change.

The forecast remains bleak, with demand expected to stay low in the coming days. Following the release of the EIA report, natural gas prices declined, indicating that inventory growth exceeded analysts' expectations.

There have been no signs of improvement in the supply-demand balance in recent weeks. In the current market environment, bullish factors for natural gas are notably lacking.

From a technical perspective, natural gas prices remain trapped between key support levels at $1.60 - $1.65 and major resistance levels at $1.95 - $2.00. Natural gas recently attempted to test the $2.00 level, but the disappointing EIA report may push prices towards the recent lows near $1.70.