On October 31, the U.S. Energy Information Administration (EIA) released its latest weekly natural gas storage report.The report showed that natural gas reserves increased by 78 billion cubic feet (Bcf) from the previous week, below analysts 'expectations of 81 billion Bcf.The previous week, natural gas reserves increased by 80 billion Bcf.

Current storage levels are 107 billion Bcf higher than the same period last year and 178 billion Bcf higher than the five-year average.High storage levels have put bearish pressure on the natural gas market.

After the release of the EIA report, natural gas prices showed a correction.Although the increase in reserves fell short of analysts 'expectations, the report showed inventories are still increasing at a solid rate.

Natural gas traders also pay attention to weather forecasts, which could put additional pressure on prices in the coming trading session.Weather forecasts show that temperatures in the first half of November will be above normal, which will create a bearish factor for natural gas prices.

From a technical perspective, natural gas prices are trying to stabilize below the support level of $2.75 to $2.80.The Relative Strength Index (RSI) is in the medium range, and if appropriate catalytic factors occur, there is still enough room to gain additional momentum.If the price falls below $2.75, it will push natural gas prices towards the $2.60 level.