09:25 AM EDT, 03/21/2024 (MT Newswires) -- Natural gas prices edged lower early on Thursday ahead of fresh storage data even as forecasts see a cool start to spring for much of the country.

Gas for April delivery was last seen down US$0.01 to US$1.69 per million British thermal units.

Long-term forecasts from the National Weather Service expect most states to see seasonal or cooler temperatures for the next two weeks, offering some higher heating demand but not enough to significantly cut into swollen inventories.

The Energy Information Administration will release fresh inventory data later on Thursday morning, with the report expected to show stocks remain swollen following a mild winter.

"What's likely to influence today's trade is the EIA weekly storage report to see if it again shows production is as low as stated. Survey averages suggest a build of +1-5 Bcf, lighter than the 5-year average of -27 Bcf. Temperatures were much warmer vs normal over most of the US besides portions of the West. We expect a draw of -1-2 Bcf, and if close will increase surpluses to near +665 Bcf. ," NatGasWeather noted.